NEW YORK: Elliott Management Corp has built a position in Principal Financial Group Inc and plans to push for changes at the life insurance company, according to people familiar with the matter.
The New York-based hedge fund is nearing a settlement that will grant it seats on the company’s board, and see the company launch a strategic review of its portfolio that could include a sale of part of the business, the people said, asking not to be identified because the matter is private.
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