Overview

• Elliott said Kansai Electric could become a more attractive long-term investment by selling non-core assets, improving profitability and raising shareholder returns.
• A person familiar with the matter said Elliott wants the dividend lifted to ¥100 per share from ¥60 and buybacks increased, funded by asset disposals.
• The Financial Times earlier reported Elliott holds about 4% to 5% of Kansai, making it a top-three shareholder, and is urging roughly ¥150 billion in non-core asset sales each year.
• Elliott has identified more than ¥2 trillion in non-core assets, including over ¥1 trillion of real estate and a stake in a construction company, according to the reporting.
• Kansai Electric shares jumped as much as 9.5% in Tokyo after the stake report, and the company said it will maintain careful communication with shareholders while declining to discuss individual investors.