Elliott Said to Build ‘Large’ Stake in Buffett-Favored Sumitomo
Elliott Management Corp. has built a “large” stake in Sumitomo Corp., one of Warren Buffett’s favorite Japanese trading houses, according to a person familiar with the matter.
The size of the activist group’s investment is around “several tens of billions of yen,” the person said, asking not to be identified because the transaction hasn’t been publicly disclosed. Every ¥10 billion ($63 million) investment is equivalent to a 0.2% stake in Sumitomo, based on Friday’s closing share price of ¥3,909.