Activist fund Elliott buys stake in Warren Buffett-backed Sumitomo

U.S. hedge fund may pressure Japanese trading house to boost value

Elliott's purchase of Sumitomo shares comes amid an uptick in investor activism in Japan. © Reuters

KENJI ASADA and AKIRA YAMASHITA, Nikkei staff writers

April 29, 2024 23:26 JST

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.