October 10, 2017 / 7:05 PM / 11 days ago

Elliott Management builds stake in Smith & Nephew: Bloomberg

(Reuters) - Hedge fund Elliott Management Corp has built a stake in artificial hip and knee maker Smith & Nephew Plc, Bloomberg reported on Tuesday, citing people familiar with the matter.

It is unclear how much stake the activist investor owns or what it plans to push for at the company, according to the Bloomberg report. (bloom.bg/2g0hHOw)

“We do not comment on rumor or speculation and we do not comment on the identity of our investors other than those publicly disclosed,” Smith & Nephew said in an emailed statement.

Elliott declined to comment.

London-based Smith & Nephew said on Monday its CEO Olivier Bohuon would retire by the end of next year and that the board is currently scouting for a successor.

Smith & Nephew’s U.S.-listed shares rose as much as 11.87 percent on Tuesday to a record high of $40.43.

The company, which competes against larger U.S. rivals in the orthopedic replacement market, is battling to bring new technology on-stream to help it win business, with robotics as a key area of innovation.

Reporting by Sangameswaran S in Bengaluru; Editing by Shounak Dasgupta

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