Keidanren, Japan’s largest business lobby, has postponed a private meeting planned for next month with activist investor Elliott Investment Management, a Keidanren official said on Tuesday.
The March 5 meeting was intended to allow an Elliott portfolio manager responsible for Japanese equities to outline the fund’s investment strategy and approach to engaging with companies, followed by a frank exchange of views, News.Az reports, citing Reuters.
A Keidanren official said the meeting was delayed for “various reasons” but declined to provide further details. Elliott did not immediately respond to a request for comment.
Elliott has expanded its presence in Japan and has been pushing for changes at several major firms. It is currently opposing Toyota Motor’s attempt to buy out forklift maker Toyota Industries, a deal widely viewed as a test case for corporate governance reforms encouraged by Japanese regulators.
The activist investor has criticized the proposed transaction as underpriced and lacking transparency. Toyota, a Keidanren member, has extended its tender offer deadline to March 2 due to insufficient shareholder support.
Elliott also holds stakes in other Keidanren member companies, including Tokyo Gas, Kansai Electric Power and Sumitomo Realty & Development.
News.Az
By Aysel Mammadzada
AloJapan.com