TOKYO -- Tokyo Gas will consider forming alliances or acquiring companies to improve the profitability of its noncore real estate business, the company's president and CEO, Shinichi Sasayama, said in a recent interview with Nikkei Asia.
Sasayama's remarks come as U.S. activist investor Elliott Management has acquired a 5.03% stake -- worth around 65 billion yen ($413 million) -- in the Japanese utility as of November and is reportedly demanding the company cut its holdings of real estate and securities to improve capital efficiency.
