LONDON Activist investor Elliott Advisors suffered a setback when U.S. paint maker PPG (PPG.N) walked away from bid target Akzo Nobel (AKZO.AS), but the New York-based hedge fund has plenty of other investments where it is seeking to exert its influence.
Elliott's stake in Dutch chemical company Akzo Nobel was first revealed in mid-March after which it lobbied for the company to "engage" with PPG over a possible takeover.
Last week, PPG dropped its bid attempt after repeated rejections from Akzo. Elliott and a number of other Akzo shareholders had tried and failed to get the Dutch company to talk to PPG.
Elliott, established in 1977 by Paul Elliott Singer, has a reputation for being one of the most vocal activist shareholders globally, often becoming embroiled in public disputes with the management of companies it invests in.
Singer's hedge fund has already made seven new investments in companies where it has made a public demand in the first five months of 2017, compared with 12 in total in 2016, according to data from industry tracker Activist Insight.
A stake of more than 3 percent in Akzo had put it among Elliott's top five activist positions globally. Elliott also has a large team of portfolio managers overseeing commodities, fixed-income and equity long-short investments globally.
Here are Elliott's top five equity holdings by market value worldwide:
Samsung Electronics Co (005930.KS):
- $1.78 billion
- Disclosed on Oct 5, 2016
- Called for Samsung to split itself in two, setting up a holding vehicle for Samsung Electronics and listing its operating company on the Nasdaq stock exchange
Arconic Inc (ARNC.N):
- $1.4 billion, a 13F filing with the U.S. Securities and Exchange Commission showed on March 31
- Elliott disclosed 9 percent exposure in the specialty metals company on Nov. 4, 2016
- Called for cost-cutting and new leadership, questioning the management skills of former CEO Klaus Kleinfeld
BHP Billiton (BLT.L):
- $1.4 billion
- Disclosed in letter from Elliott on April 10
- Called for the company to sell off its oil business and ditch its dual listing structure.
Hess Corp (HES.N):
- $906.3 million
- Disclosed on Jan 28, 2013
- Called for the break up of the company, spinning off the Bakken oil shale in North Dakota and said may nominate directors
- 569.1 million euros ($640.24 million)
- First revealed by Wall Street Journal on Mar. 17
(Reporting by Maiya Keidan and Michael Flaherty. Editing by Jane Merriman)