BOSTON (Reuters) – Elliott Management Corp, Paul Singer’s $35 billion hedge fund, has outspent all rivals in pushing for company modifications like spin-offs, mergers, and administration overhauls this yr.
FILE PHOTO: Paul Singer, founder and president of Elliott Management Corporation, speaks at WSJD Live convention in Laguna Beach, California, U.S., October 25, 2016. REUTERS/Mike Blake
In the primary six months of 2019, Elliott has dedicated $three.four billion in new capital, outpacing Carl Icahn who spent $2.eight billion in the course of the first half, data compiled by Lazard present.
Daniel Loeb’s Third Point LLC spent $1.5 billion within the first half whereas Jeffrey Smith’s Starboard Value spent $1.2 billion, based on Lazard’s report, which will probably be launched afterward Wednesday.
New York-headquartered Elliott, recognized for earlier entanglements with industrial elements maker Arconic Inc and healthcare firm athenahealth, has spent the cash on six new campaigns in 2019. It has $17.four billion invested in ongoing campaigns, the report stated.
In April, Elliott introduced its first ever giant European tech funding with a stake in German enterprise software program agency SAP and two months later it confirmed an funding in pharmaceutical and life sciences firm Bayer AG.
Alongside Nelson Peltz’s Trian Fund Management, which disclosed a place in British plumbing merchandise distributor Ferguson PLC in June, Elliott is amongst a small variety of principally U.S.-based prime ten activist companies now prodding European corporations to make modifications.
However, the Lazard data present there was a pullback in campaigns in Europe within the first half of the yr after activists in 2018 tried to shake up a document 58 European corporations, together with beverage firm Pernod Ricard.
While Elliott holds the title of getting spent probably the most on campaigns, Smith’s far smaller Starboard Value, with belongings of roughly $5 billion, has been the busiest activist, having waged 10 campaigns within the first half.
Starboard pushed for strategic modifications at corporations together with pizza maker Papa John’s International Inc, Cerner Corp and drugmaker Bristol-Myers Squibb Co.
Elliott’s new campaigns in 2019 included a push for modifications at U.S. on-line auctioneer eBay Inc, the place Starboard additionally ran a marketing campaign.
Reporting by Svea Herbst-Bayliss, further reporting by Arno Schuetze in Frankfurt, Editing by Rosalba O’Brien