FirstFT: Activist Elliott builds stake in Japanese conglomerate

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good morning. Elliott Management Fund has become one of the largest shareholders in Dai Nippon Printing – a 146-year-old Japanese company with a huge but undisclosed global stake in electric vehicle battery components and smartphone screens.

The mortgage build adds to only a handful of investments Elliott has previously made in Japan — with Masayoshi Son’s SoftBank Group and Toshiba the most prominent. People close to the fund described it as an experiment in extracting reserved value that could pave the way for significantly more activity.

Elliott has quietly increased its investment in DNP over the past few months, according to people familiar with the situation, and now owns a stake of just under 5 percent worth about $300 million, making it the third-largest outside shareholder.

People close to DNP said Elliott’s initial involvement with the company, which has a market capitalization of $6.3 billion and currently trades where it did 20 years ago, focused on a series of demands: a more aggressive share buyback scheme, and the sale of its sprawling shares. real estate holdings and the rapid disposal of its extensive portfolio of shares in other Japanese companies.

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inflation numbers An inflation update is due from the UK, Australia, Spain, Sweden and Singapore. Japan will also announce a cost-of-living measure of the Consumer Price Index (CPI). Use our global inflation tracker to see how your country compares to rising prices.

Tesla earnings It will be another week for Elon Musk watchers (just like every other week) as Tesla reports fourth quarter numbers. The company has lowered the prices of its electric cars to boost demand in the US and Europe.

  • 🎧 listen: In a recent episode of the Behind the Money podcast, Richard Waters of the Financial Times answered whether Tesla’s golden age of growth is over.

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Japanese glasses are still unmatched. It uses elements from the past, reconfigured into something with modern means, designed for the future. We discover how state glasses are made.

Dita Lxn-Evo DTS403-A-04 Sunglasses, £845

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