U.S. hedge fund Elliott Management Corp has dissolved its stake in advertising company Interpublic Group of Companies Inc (IPG.N), a regulatory filing showed on Tuesday.
In July 2014, the hedge fund run by Paul Singer said it had bought a 6.7 percent stake in Interpublic. reut.rs/2kR2D8Y
IPG was under pressure to sell itself since Elliott Management bought the stake in the company, but no deal was realized. reut.rs/2kQX4HD
The hedge fund has been reducing its holding in the company gradually since early last year.
A 13-F fling with U.S. regulators on Nov. 14, 2016, showed Elliott held a stake in Interpublic. However, its latest filing on Tuesday did not show any shares held in the company.
Interpublic, whose clients include Johnson & Johnson (JNJ.N), Microsoft (MSFT.O) and Coca-Cola (KO.N), posted a better-than-expected quarterly profit on Friday.
(Reporting by Vishal Sridhar in Bengaluru; Editing by Gopakumar Warrier)