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Paul Singer's hedge fund dissolves stake in Interpublic
February 15, 2017 / 3:49 AM / 10 months ago

Paul Singer's hedge fund dissolves stake in Interpublic

(Reuters) - 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

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