Yahoo Finance Elliott Advisors increases stake in Hammerson to almost 5.3pc
Activist investor Elliott Advisors has upped its stake in Hammerson to almost 5.3pc, hinting that the shopping centre owner could face calls for change in the coming months.
The move makes Elliott the company’s fifth largest shareholder, adding to speculation that the hedge fund’s boss Paul Singer could seek a shake-up in strategy and management.
Elliott’s involvement in Hammerson first surfaced in April when it disclosed its initial 1.5pc stake, days after the shopping centre owner announced that it would walk away from a deal to buy rival Intu.
Hammerson, which owns the Bullring in Birmingham and Bicester Village, had also backed down from a separate potential £5bn deal with French shopping centre company Klépierre.
But on Tuesday, Elliott released a notice via the London Stock Exchange which said it now holds a 5.27pc stake.
Hammerson’s stock was trading at 543.2p on Tuesday, meaning Elliott’s holding is worth around £227m.
New York-based Elliott has a track record of forcing change at some of the world’s largest companies, targeting businesses which it sees as underperforming and forcing boardroom shake-ups.
In 2016, it boosted its stake in Poundland to 22.7pc, meaning it could single-handedly block the attempted takeover from South African firm Steinhoff.
Earlier this year it snapped up Waterstones, and has also recently put pressure on healthcare company Smith & Nephew which rapidly cut costs amid fears that Elliott could force a break-up.
It is best known for a 15-year battle to wrestle billions of dollars out of Argentina for lapsed debt payments, which culminated in it seizing an Argentine naval warship until the government settled.
