Shares in Japan’s Nissan posted their biggest gains in 15 years after an activist investor bought a 2.5% stake in the automaker. Bloomberg reported this with reference to trade data.
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From them it appears that, at most on November 12, Nissan shares cost 444.6 yen per share, approximately 20% more than the closing price of the previous session. The price of the automaker’s shares at the close of trading on November 12 was 415.8 yen, down 6.5%.
According to Bloomberg, the automaker’s documents indicate that the buyer of its stake is Suntera, associated with Singapore hedge fund Effissimo Capital Management (ECM), which buys shares of “troubled companies.”
ECM is known for participating in Toshiba’s corporate reorganizations in 2021, which also led to the resignation of then-CEO Satoshi Tsunakawa, the agency writes.
In turn, Nissan investors saw in the ECM deal hope that the automaker could initiate structural reforms, Bloomberg explained.
Previously, in November, the agency reported on the Japanese automaker’s plans to lay off 9,000 employees worldwide and reduce production capacity by 20%. The reasons are a drop in the company’s car sales and increased competition with other automakers.
Author:
Bogdan Muzychenko
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
