LONDON -- U.S. activist investor Elliott Management has purchased a stake of more than 5% in Tokyo Gas, it was learned Tuesday, with the two sides reportedly discussing scaling back the utility's portfolio of assets.
Tokyo Gas shares were being traded at 4,393 yen Wednesday morning, up 573 yen, or 15%, from the previous day's close, as investors hope Elliott's investment might help make the utility company more capital efficient. The company's price-to-book ratio is currently below 1. Wednesday's rise was the largest one-day climb since Feb. 24, 1987.
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