U.S. activist investor Elliott has urged German classifieds group Scout24 to sel...
) to sell its car listings business and ramp up a share buyback program to boost returns to investors.
The headquarters of Scout24, an operator of digital marketplaces for real estate and automobiles, is pictured in Munich, Germany July 5, 2019. REUTERS/Michael Dalder Elliott, which owns more than 7% of Scout24, accused the German company’s Chief Executive, Tobias Hartmann, of showing a lack of ambition and urged his management team to take immediate remedial action.
“Should you take the decisive action needed to remove the impediments holding back Scout24, we believe the share price could rise to in excess of 65 euros per share,” Elliott said in a July 26 letter that was made public on Monday. “Unfortunately, recent events have us wondering if the Scout management team shares our optimism for these high-quality businesses.”A source familiar with the matter said Elliott believed that autos arm AutoScout24 could fetch a sale price of up to 2.5 billion euros and that the group’s core property operation had a standalone value of 5 billion euros.
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