NEW YORK: Elliott Management Corp has built a “large” stake in Sumitomo Corp, one of Warren Buffett’s favourite Japanese trading houses, according to a person familiar with the matter.
The size of the activist group’s investment is around “several 10s of billions of yen”, the person said, asking not to be identified because the transaction hasn’t been publicly disclosed. Every 10 billion yen (US$63mil) investment is equivalent to a 0.2% stake in Sumitomo, based on Friday’s closing share price of 3,909 yen.
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