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Japan's FSA disappointed by Archegos global fallout
  + stars: | 2021-06-14 | by ( ) www.reuters.com sentiment -1.00   time to read: +1 min
A man walks past a sign of Japan's Financial Services Agency in Tokyo August 7, 2014. REUTERS/Toru HanaiThe head of Japan's financial watchdog said he was disappointed by the global fallout from the collapse of investment fund Archegos Capital Management despite past regulatory reforms. "Although the problem didn't result in the collapse of financial system, it's very disappointing such a major incident happened," Ryozo Himino, Financial Services Agency (FSA) Commissioner, said in an online speech. Global banks including Credit Suisse (CSGN.S) and Nomura Holdings Inc (8604.T) reported losses from Archegos, taking the total hit beyond $10 billion. read moreThe FSA will have to monitor risk management at prime brokers, as well as regulations for family offices like Archegos, Himino also said.
Persons: Toru Hanai, Nomura, Himino Organizations: Japan's Financial Services Agency, REUTERS, Archegos Capital Management, Financial Services Agency, Credit Suisse, Nomura Holdings Inc, Thomson Locations: Tokyo, Archegos, U.S
TOKYO (Reuters) -Toshiba Corp’s second-biggest shareholder on Sunday demanded the board chairman and three other directors immediately resign after an investigation found the company had colluded with the Japanese government to pressure foreign investors. FILE PHOTO: The logo of Toshiba is seen as a shareholder arrives at an extraordinary shareholders meeting in Chiba, Japan, March 30, 2017. REUTERS/Toru HanaiThe letter, seen by Reuters, is from 3D Investment Partners, which owns a 7.2% stake in Toshiba. It is likely to heighten scrutiny into governance at Toshiba, a renowned industrial conglomerate in crisis sparked by Thursday’s report. Major shareholder advisory firms recommended against some of the candidates, including the four addressed in the 3D letter.
Persons: Toru Hanai, Thursday’s, Osamu Nagayama, Organizations: Toshiba, REUTERS, Reuters, Investment Partners, Harvard Locations: TOKYO, Chiba, Japan
The logo of Toshiba is seen as a shareholder arrives at an extraordinary shareholders meeting in Chiba, Japan, March 30, 2017. The letter, seen by Reuters, is from 3D Investment Partners, which owns a 7.2% stake in Toshiba. It is likely to heighten scrutiny into governance at Toshiba, a renowned industrial conglomerate in crisis sparked by Thursday's report. The company was holding an emergency meeting on Sunday to discuss reassigning the candidates for three key board committees ahead of a June 25 shareholder meeting. Major shareholder advisory firms recommended against some of the candidates, including the four addressed in the 3D letter.
Persons: Toru Hanai, Toru Hanai Toshiba Corp's, Thursday's, Osamu Nagayama Organizations: Toshiba, REUTERS, Toru Hanai Toshiba, Reuters, Investment Partners, Harvard, Thomson Locations: Chiba, Japan
REUTERS/Toru Hanai/File PhotoJapan's influential trade ministry effectively colluded with Toshiba Corp's (6502.T) management to influence shareholders votes on director nominees at last year's annual general meeting, an independent probe has found. The Harvard fund ultimately abstained from voting. The probe also found that Toshiba, with the ministry, tried to force Effissimo to withdraw shareholder proposals for board nominees aimed at improving governance. The ministry has previously said that it never asked the adviser to contact Toshiba shareholders. Toshiba said it "will carefully review this investigation report and plans to announce its comments towards this investigation result at a later date."
Persons: Toru Hanai, Toshiba Corp's, Nobuaki Kurumatani, Effissimo Organizations: Toshiba Corp, REUTERS, Toshiba, Economy, Trade, Industry, Harvard, Singapore, Effissimo Capital Management, CVC Capital, Reuters, Thomson Locations: Tokyo, Japan
REUTERS/Toru Hanai/File PhotoJapan's trade ministry colluded with Toshiba Corp's (6502.T) management to unduly influence a key shareholder vote last year, an independent probe found, undermining Tokyo's efforts to improve corporate governance and win over foreign investors. Toshiba's management "worked closely" with the ministry to exert "undue influence on some shareholders," the report found. The probe, conducted by three lawyers, found that Toshiba, with the ministry, tried to force Effissimo to withdraw shareholder proposals for board nominees aimed at improving governance. The ministry has previously said that it never asked the adviser to contact Toshiba shareholders. CVC's offer to take the Japanese conglomerate private and retain incumbent management was perceived by some in the company as designed to shield Kurumatani from activist shareholders, Toshiba sources have said.
Persons: Toru Hanai, Toshiba Corp's, Shinzo Abe, METI, barbecuing, Toshiba's, Yoshihide Suga, Abe, Suga, Effissimo, Nobuaki Kurumatani Organizations: Toshiba Corp, REUTERS, Toshiba, Harvard, Ministry, Economy, Trade, Industry, Reuters, Effissimo Capital Management, Investment Partners, CVC Capital, Thomson Locations: Tokyo, Japan, Singapore
REUTERS/Toru Hanai/File PhotoJapan's trade and industry ministry effectively colluded with Toshiba Corp's (6502.T) management to undermine shareholders' rights, an independent probe into the company's controversial shareholders' meeting last year found. The report from the investigation, released on Thursday, is likely to heighten investor concern about governance and government interference at the conglomerate. It comes after activist investors including top shareholder Effissimo Capital Management successfully pushed for an investigation into whether Toshiba had applied pressure on shareholders over voting at the meeting. The investigators' report found that Toshiba had effectively asked a government adviser to talk to the Harvard University endowment fund to change its voting. Toshiba said it "will carefully review this investigation report and plans to announce its comments towards this investigation result at a later date."
Persons: Toru Hanai, Toshiba Corp's, Effissimo Organizations: Toshiba Corp, REUTERS, Toshiba, Effissimo Capital Management, Reuters, Harvard University, Ministry, Economy, Trade, Industry, Thomson Locations: Tokyo, Japan
The probe's findings mark an explosive turn in a long battle between the Japanese company's management and foreign shareholders, which include activist investors and Harvard University's endowment fund. The investigators also allege that Suga encouraged the pressure on Toshiba investors in a breakfast meeting with a senior company executive last July. A spokesperson for the Harvard fund declined to comment, while 3D did not immediately respond to a request for comment. The Harvard fund ultimately abstained from voting. Toshiba said at the time it was not involved in any efforts to pressure Harvard.
Persons: Yoshihide Suga, Suga, METI, Toru Hanai, Shinzo Abe, barbecuing, Nicholas Benes, Will, Hiromichi Mizuno, Nobuaki Kurumatani Organizations: Toshiba Corp, Toshiba, Harvard, Ministry, Economy, Trade, Industry, Effissimo Capital Management, Reuters, REUTERS, Investment Partners, Training, of Japan, CVC Capital, Thomson Locations: Tokyo, Singapore, Japan
A government watchdog reports that the US Navy is not ready to repair major battle damage. The US Navy is not ready to do repairs on vessels damaged in battle with a great-power rival like China or Russia, a US government watchdog reported this week. Shortfalls in the Navy's wartime battle-damage repair capabilities include the lack of an established damage repair doctrine, an unclear command and control, and an insufficient repair capacity, among other things. Last year, the amphibious assault ship USS Bonhomme Richard, while pierside, was gutted by a fire. The GAO report said that the Navy is still "in the early stages of determining how it will provide battle damage repair during a great power conflict."
Persons: , Fitzgerald, Toru Hanai, Richard, Christina Ross, John S, McCain Organizations: US Navy, GAO, Navy, Reuters, Pentagon, US, Richard U.S, Biden, Department Locations: China, Russia, Philippine
U.S. renews Chevron license for activities in Venezuela
  + stars: | 2021-06-01 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +1 min
REUTERS/Toru Hanai/File PhotoWASHINGTON (Reuters) -Chevron Corp, the last major U.S. oil company still operating in Venezuela, received a new U.S. government license allowing it to remain in Venezuela until Dec. 1, the U.S. Treasury Department said on Tuesday. Chevron has had a special U.S. operating license exempting it from sanctions on Venezuela’s vital oil sector, though the administration of former President Donald Trump last year modified the license to restrict the company from key activities like drilling and trading. Tuesday’s renewal of the license, which also applies to oil service companies Halliburton , Schlumberger Limited, Baker Hughes and Weatherford International, continues those restrictions. The license allows the companies only to conduct transactions with PDVSA “necessary for the limited maintenance of essential operations in Venezuela or the wind down of operations” by Dec. 1. The companies would risk U.S. government sanctions or punitive measures if they fail to comply.
Persons: Toru Hanai, Nicolas Maduro, Donald Trump, Baker Hughes Organizations: Chevron Corp, REUTERS, WASHINGTON, U.S . Treasury, Chevron, Halliburton, Schlumberger Limited, Weatherford International Locations: Gastech, Chiba, Japan, U.S, Venezuela, United States, Venezuelan
Biden administration renews Chevron license in Venezuela
  + stars: | 2021-06-01 | by ( Reuters Staff | ) www.reuters.com + 0.97   time to read: +2 min
REUTERS/Toru Hanai/File PhotoWASHINGTON (Reuters) -Chevron Corp, the last major U.S. oil company still operating in Venezuela, received a new U.S. government license allowing it to remain in Venezuela until Dec. 1, the Treasury Department said on Tuesday. Chevron welcomed the renewal, the first under U.S. President Joe Biden and the eighth since 2019. It continues “to comply with applicable laws and regulations,” governing activities in Venezuela, said Chevron spokesman Ray Fohr. Tuesday’s renewal of the license, which also applies to oil service companies Halliburton, Schlumberger Limited, Baker Hughes and Weatherford International, continues those restrictions. The license allows the companies only to conduct transactions with PDVSA “necessary for the limited maintenance of essential operations in Venezuela or the wind down of operations” by Dec. 1.
Persons: Toru Hanai, Nicolas Maduro, Joe Biden, Ray Fohr, Donald Trump, Baker Hughes Organizations: Chevron Corp, REUTERS, WASHINGTON, Treasury, United, Chevron, U.S, Halliburton, Schlumberger Limited, Weatherford International Locations: Gastech, Chiba, Japan, U.S, Venezuela, United States, Venezuelan
Japan's Renesas sees fire-damaged chip plant back to full capacity by mid-June
  + stars: | 2021-06-01 | by ( ) www.reuters.com sentiment -1.00   time to read: +1 min
Renesas Electronics Corp's logo is seen on its product at the company's conference in Tokyo, Japan, April 11, 2017. REUTERS/Toru Hanai/File PhotoRenesas Electronics Corp (6723.T) on Tuesday said restoring full production capacity at a fire-damaged chip plant in Japan would take longer than expected, predicting a return to normal by mid-June rather than the previously estimated end of May. Capacity on the Naka plant's 300mm chip line in eastern Japan had returned to about 88% of pre-fire levels at the end of May, the company said in a statement. Renesas makes nearly a third of the microcontroller chips used in cars around the world. The Japanese government called on equipment makers to help Renesas, while customers, including Toyota Motor Corp (7203.T) sent officials to help the chipmaker restart the line.
Persons: Toru Hanai, Renesas Organizations: REUTERS, Renesas Electronics Corp, Toyota Motor Corp, Thomson Locations: Tokyo, Japan
Japan's April factory output rises on capital goods demand
  + stars: | 2021-05-31 | by ( Daniel Leussink | ) www.reuters.com + 0.00   time to read: +3 min
Smoke rises from a factory during the sunset at Keihin industrial zone in Kawasaki, Japan, January 16, 2017. REUTERS/Toru HanaiJapan's industrial output extended gains in April as manufacturers benefited from a recovery in appetite for capital goods, especially in key overseas markets. "It confirmed Japan's output has been improving steadily due to export-driven gains," said Ayako Sera, market strategist at Sumitomo Mitsui Trust Bank. Factory output had posted a surprise increase in March, as a jump in car production helped keep the economic recovery on track. Hopes of a recovery in capital spending at home and in overseas markets and demand for tech-making equipment underpinned the outlook for output.
Persons: Toru Hanai, Ayako Sera Organizations: REUTERS, Sumitomo Mitsui Trust Bank, Manufacturers, Ministry, Economy, Trade, Industry, Thomson Locations: Kawasaki, Japan, Tokyo, United States, China
TOKYO (Reuters) - Japan’s Renesas Electronics Corp said it will raise 218.5 billion yen ($1.99 billion) through a new share issue to help the automotive semiconductors maker fund its planned $6 billion purchase of Dialog Semiconductor. FILE PHOTO: Renesas Electronics Corp's logo is seen at a company conference in Tokyo, Japan, April 11, 2017. The Japanese company, which has a 30% global market share for microcontrollers used in cars, said it expects the Dialog deal to conclude by the end of the year, subject to regulatory approval. In a secondary offer, Renesas said its largest shareholder the Japanese state-backed Innovation Network Corp of Japan (INCJ) will also sell 167 million shares. INCJ rescued Renesas in 2013 with a 150 billion yen cash injection in return for a two-thirds stake in the company that it has progressively reduced.
Persons: Toru Hanai, Renesas, INCJ Organizations: Renesas Electronics Corp, Dialog Semiconductor, REUTERS, Apple Inc, Dialog, Network Corp of Japan Locations: TOKYO, Tokyo, Japan,
Exports rose 38.0% in April from a year earlier, official data showed on Thursday, compared with a 30.9% increase expected by economists and following a 16.1% rise in March. "The trade data confirmed that exports were recovering steadily. "In Japan, capital spending tends to move in sync with external demand, so an export recovery is encouraging for machinery orders and capital expenditure." By destination, exports to China, Japan's largest trading partner, rose 33.9% year-on-year in April, led by shipments of chip-making equipment, hybrid cars and scrap copper. The rise in core orders, which exclude those of ships and electric utilities, compared with a 6.4% increase seen in a Reuters poll of economists, the data showed.
Persons: Toru Hanai, Yuichi Kodama, Ayako Sera Organizations: REUTERS, U.S, Meiji Yasuda Research, Sumitomo Mitsui Trust Bank, Thomson Locations: Tokyo, Japan, U.S, China
Nomura completes unwinding of positions related to U.S. client
  + stars: | 2021-05-18 | by ( ) www.reuters.com sentiment -1.00   time to read: 1 min
Investors stand in front of a screen showing the logo of Nomura Holdings in Tokyo, Japan, in this December 1, 2015 file photo.REUTERS/Toru HanaiNomura Holdings Inc (8604.T) said on Tuesday it has completed unwinding of positions related to an unnamed U.S. client, widely understood to be the collapsed investment fund Archegos Capital Management. Japan's top brokerage and investment bank also said it will book a loss of about $600 million in the April-June quarter from it, slightly larger than $570 million it predicted for the Archegos related loss in April. In total, Nomura will incur $2.9 billion in Archegos-related losses, including some $2.3 billion already booked in the January-March quarter. Our Standards: The Thomson Reuters Trust Principles.
Persons: Toru Hanai, Nomura Organizations: Nomura Holdings, Toru Hanai Nomura Holdings Inc, Archegos Capital Management, Thomson Locations: Tokyo, Japan, U.S, Archegos
Mitsubishi UFJ pledges net zero emissions in finance portfolio by 2050
  + stars: | 2021-05-17 | by ( Aaron Sheldrick | ) www.reuters.com sentiment -1.00   time to read: +2 min
FILE PHOTO: A man walks past a signboard of Mitsubishi UFJ Financial Group and MUFG Bank at its headquarters in Tokyo, Japan April 3, 2018. REUTERS/Toru HanaiTOKYO (Reuters) - Japan’s biggest lender, Mitsubishi UFJ Financial Group (MUFG), said it will aim for net zero emissions in its finance portfolio by 2050, responding to pressure to align its business with the targets set in the Paris Agreement on climate change. The bank will also be the first Japanese lender to join the United Nations’ Net-Zero Banking Alliance, it said in a statement. Investors in MUFG submitted in March a resolution to the bank for its AGM that will be held in June. While welcoming the move, one of the shareholders told Reuters that the bank has not gone far enough in its latest statement on emissions.
Persons: Toru Hanai, MUFG, , Kimiko Hirata, , ” Hirata Organizations: Mitsubishi UFJ Financial, MUFG Bank, REUTERS, United Nations ’, Zero Banking Alliance, Reuters, Kiko Network Locations: Tokyo, Japan, Toru Hanai TOKYO, Paris, decarbonisation, MUFG
Japan's top bank MUFG beats profit view, forecasts lower credit costs
  + stars: | 2021-05-17 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +1 min
FILE PHOTO: A signboard of MUFG Bank is seen in Tokyo, Japan April 3, 2018. Profit for the year ended in March came in at 777 billion yen ($7.11 billion) compared with 528.2 billion yen a year ago, MUFG said in a statement. MUFG’s profit in the three months through March was 170 billion yen, compared to a 56.1 billion yen loss in the same period a year earlier, according to Reuters’ calculations based on the bank’s statement. In the current business year ending in March 2022, the lender expects 850 billion yen in net income compared to the 733 billion yen estimate of eight analysts, and predicts 350 billion yen of credit-related costs. Smaller rivals Sumitomo Mitsui Financial Group Inc and Mizuho Financial Group Inc last week forecast a drop in credit-related costs this year on expectations the economy will recover as vaccination proceeds.
Persons: Toru Hanai, MUFG, Morgan Stanley Organizations: MUFG, REUTERS, Mitsubishi UFJ Financial, Inc, Profit, Refinitiv, Bank, Bank of Japan, Sumitomo Mitsui Financial Group Inc, Mizuho Financial Locations: Tokyo, Japan, Toru Hanai TOKYO, Southeast Asia, Wall
Factbox: DarkSide hackers in focus after Toshiba attack
  + stars: | 2021-05-14 | by ( Reuters Staff | ) www.reuters.com + 0.00   time to read: +3 min
(Reuters) - A unit of Japan’s Toshiba Corp said on Friday it had been hacked in Europe by the DarkSide ransomware group widely believed to have been behind a crippling fuel pipeline attack in the United States this week. FILE PHOTO: The logo of Toshiba Corp at the company's headquarters in Tokyo, Japan, February 14, 2017. “They’re very new but they’re very organized,” Lior Div, thechief executive of Boston-based security firm Cybereason, saidthis week when asked about the Colonial Pipeline attack. Bloomberg reported that Colonial Pipeline paid nearly $5 million in ransom. TECH ISSUESIts tech savvy is nothing special, according to Georgia Tech computer science student Chuong Dong, who published an analysis.
Persons: Toru Hanai, cybercriminals, who’s, krebsonsecurity.com, Krebs, “ It’s, , haven’t, Chuong Dong, Dong Organizations: Reuters, Japan’s Toshiba Corp, Toshiba Corp, REUTERS, Boston, Colonial, Bloomberg, Colonial Pipeline, TECH, Georgia Tech Locations: Europe, United States, Tokyo, Japan, Soviet, Chicago, British,
Toshiba Tec France confirms it was hacked earlier in May
  + stars: | 2021-05-14 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: 1 min
FILE PHOTO: The logo of Toshiba in Chiba, Japan, March 30, 2017. REUTERS/Toru Hanai/File PhotoPARIS (Reuters) - Toshiba Tec France Imaging System said on Friday it had been the victim of a ransomware attack during the night of May 4. It said in a statement that only a minimal amount of work data was lost during this cyberattack, adding it had been perpetrated by Darkside, the group the U.S. FBI blamed for the Colonial Pipeline attack.
Persons: Toru Hanai Organizations: Toshiba, REUTERS, PARIS, Toshiba Tec France Imaging, U.S . FBI, Colonial Locations: Chiba, Japan
Toshiba unit confirms hacked in May; blames DarkSide
  + stars: | 2021-05-14 | by ( Reuters Staff | ) www.reuters.com sentiment -0.99   time to read: 1 min
FILE PHOTO: The logo of Toshiba in Chiba, Japan, March 30, 2017. REUTERS/Toru Hanai/File PhotoPARIS (Reuters) -Toshiba Tec France Imaging System said on Friday that DarkSide, the hacking group blamed for crippling a major U.S. pipeline company, had targeted it in a ransomware attack during the night of May 4. The unit of Japanese conglomerate Toshiba Corp said in a statement that only a minimal amount of work data was lost during the cyberattack and no leaks of data had been detected. Toshiba Tec France Imaging System also said its teams remained mobilised to deal with the situation. Other French companies hit by cyberattacks this year include champagne company Laurent Perrier, boat maker Beneteau, and camping and van equipment maker Trigano.
Persons: Toru Hanai, Laurent Perrier Organizations: Toshiba, REUTERS, PARIS, Toshiba Tec France Imaging, Toshiba Corp Locations: Chiba, Japan, U.S
Mizuho profit beats estimates, sees credit costs halving this year
  + stars: | 2021-05-14 | by ( ) www.reuters.com sentiment -1.00   time to read: +2 min
Mizuho, Japan's third-largest lender by assets, said profit for the March 31-ending quarter came in at 116.6 billion yen ($1.07 billion). That compared with an average profit estimate of 79.95 billion yen from two analysts surveyed by Refinitiv. The bank booked 205 billion yen of credit-related costs in the year amid the pandemic, slightly up from an initially expected 200 billion yen. In the current business year ending in March 2022, the lender expects 510 billion yen in net income, while it predicts 100 billion yen of credit-related costs. Bigger rivals Sumitomo Mitsui Financial Group Inc (8316.T) and Mitsubishi UFJ Financial Group Inc (8306.T) are scheduled to announce their results later on Friday and on Monday, respectively.
Persons: Toru Hanai, Mizuho Organizations: Mizuho Financial, REUTERS, Mizuho Financial Group Inc, Japan's, Refinitiv, Bank, Bank of Japan, Mizuho, Sumitomo Mitsui Financial Group Inc, Mitsubishi UFJ Financial, Inc, Thomson Locations: Tokyo, Japan
Japanese megabanks see credit costs falling as vaccination proceeds
  + stars: | 2021-05-14 | by ( Takashi Umekawa | ) www.reuters.com sentiment -1.00   time to read: +2 min
Mizuho Financial Group logo is seen at the company's headquarters in Tokyo, Japan August 20, 2018. REUTERS/Toru HanaiTwo of Japan's megabanks, Mizuho Financial Group Inc and Sumitomo Mitsui Financial Group Inc (SMFG), on Friday forecast a drop in credit-related costs this year on expectations the economy will recover as vaccination proceeds. Mizuho (8411.T) is predicting credit-related costs of 100 billion yen ($914.6 million) this year, while SMFG's sees costs at 300 billion yen. "While Japan's economy is expected to recover gradually as vaccination proceeds, it's still unclear how COVID-19 would impact specific industries," SMFG's chief executive Jun Ohta told an earnings briefing. Even though the banks expect smaller credit-related costs in this fiscal year, they need to closely monitor the costs longer term, said S&P Global Ratings senior director Ryoji Yoshizawa.
Persons: Toru Hanai, SMFG's, Yoshihide Suga, it's, Jun Ohta, Ryoji Yoshizawa Organizations: Mizuho Financial, REUTERS, Mizuho Financial Group Inc, Sumitomo Mitsui Financial Group Inc, Bank, Bank of Japan, Nikkei, Global, Thomson Locations: Tokyo, Japan, Mizuho
Seven & i shares soar 7% after news of ValueAct stake build-up
  + stars: | 2021-05-13 | by ( Reuters Staff | ) www.reuters.com sentiment -0.99   time to read: +2 min
TOKYO (Reuters) - Seven & i Holdings shares surged more than 7% to a two-year high on Thursday after news it was targeted by activist investor ValueAct Capital, which asked the Japanese owner of the 7-Eleven convenience store chain to restructure itself. FILE PHOTO: The logo of 7-Eleven is seen at a 7-Eleven convenience store in Tokyo, Japan December 6, 2017. REUTERS/Toru HanaiValueAct amassed a $1.53 billion, or 4.4%, stake in Seven & i and wants it to take steps to boost its value, including a potential break-up, Reuters reported. Seven & i shares surged to as high as 7.3% in morning trading, compared with a 2% fall of the benchmark Nikkei stock average. San Francisco-based ValueAct has had some notable success in Japan, where companies traditionally have been wary of activist investors.
Persons: Toru Hanai ValueAct, , ValueAct, Robert Hale Organizations: Holdings, ValueAct, REUTERS, Reuters, Nikkei, Olympus Corp Locations: TOKYO, Tokyo, Japan, San Francisco
Seven & i shares surge after news of ValueAct's stake build-up
  + stars: | 2021-05-13 | by ( Junko Fujita | ) www.reuters.com + 0.00   time to read: +3 min
FILE PHOTO: The logo of 7-Eleven is seen at a 7-Eleven convenience store in Tokyo, Japan December 6, 2017. In addition to 7-Eleven, arguably one of the world’s best known convenience stores, Seven & i’s businesses include department stores, supermarkets and financial services. Last year it spent $21 billion to buy Speedway convenience stores in North America. After Thursday’s gains, the company had a market value of about $39 billion, making ValueAct’s stake worth about $1.7 billion. For a graphic on Seven & i shares:This is not the first time that Tokyo-headquartered Seven & i has caught the fancy of an activist investor.
Persons: ValueAct Capital, Toru Hanai ValueAct, , Oshadhi, Daniel Loeb’s, ValueAct, Robert Hale Organizations: i Holdings, Reuters, ValueAct, REUTERS, LightStream Research, North America ., Nikkei, Olympus Corp Locations: TOKYO, Tokyo, Japan, North America, San Francisco
(Reuters) - Activist investor ValueAct Capital has amassed a $1.53 billion stake in Seven & i Holdings and is pushing the Japanese owner of the 7-Eleven convenience store chain to consider changes, including a potential break-up. FILE PHOTO: A man uses a mobile phone outside a 7-Eleven convenience store in Tokyo, Japan December 6, 2017. “We invested in Seven & i Holdings at an estimated P/E ratio of 11 times, while global peers trade at 15 times to 25 times,” ValueAct said in the letter said. But work is necessary to achieve these goals, ValueAct said, noting that 7-Eleven would need to speed up its global digitalization strategy. ValueAct, run by Mason Morfit, is up 18% since January 2021 after returning 12.5% last year, an investor in the firm said.
Persons: Toru Hanai ValueAct, , ” ValueAct, ValueAct, Mason Morfit Organizations: Reuters, Capital, Holdings, REUTERS, Nintendo, Olympus, Japan, McDonalds, Aldi Locations: Tokyo, Japan, ValueAct, United States, Spain, Germany
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