TOKYO, April 28 (Reuters) - Shares of Japanese logistics firm Nippon Express Holdings leapt as much as 15% after U.S. activist investor Elliott Investment Management disclosed a 5.04% stake in the company on Tuesday.
The stake is the latest in a string of investments in Japanese firms by Elliott as it ramps up its activity in the country amid a broad wave of corporate reforms in Japan.
Nippon Express' shares later pared some gains and were up around 8% at 4,186 yen per share in afternoon trading.
Japanese regulations oblige investors to disclose a shareholding when it rises above 5%. Elliott has not yet released any information regarding the reasoning behind the investment.
Late last year Elliott launched a campaign calling for a higher price in Toyota group companies' take-private of supplier Toyota Industries and in 2026 has disclosed positions in shipper Mitsui O.S.K. Lines and air conditioner manufacturer Daikin, calling for greater focus on their core businesses and increased shareholder returns.
Reporting by Anton Bridge and Satoshi Sugiyama; Editing by Joe Bavier
Source: Reuters