Elliott Management is calling for Japan’s biggest property group, Mitsui Fudosan, to launch a ¥1tn ($6.8bn) share buyback as the US activist fund targets the most prestigious end of the Tokyo stock market.
Elliott’s demands — presented to top management within the past month — include a request that the company sell down its $3.6bn stake in Oriental Land, the company that runs Tokyo Disneyland, said people close to the fund and Mitsui Fudosan.
Elliott’s move is part of increasing pressure on Japanese companies to improve their market valuations, raise their standards of corporate governance and increase their returns on equity.
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