NEW YORK/LONDON -- U.S. hedge fund Elliott Management has acquired a stake in Japanese trading house Sumitomo Corp. worth tens of billions of yen (10 billion yen equals $64 million), in a possible prelude to an activist shareholder push, people familiar with the matter said.
Sumitomo's market capitalization was around 4.8 trillion yen based on its closing price Friday. Assuming Elliott acquired 10 billion yen in shares, its stake in the company would reach about 0.2%.
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