ValueAct dis­closes 1.1pc hold­ing in Amer­i­can Ex­press

The Pak Banker - - COMPANIES/BOSS -

WASHINGTON: ValueAct Cap­i­tal Man­age­ment, the ac­tivist fund run by Jeff Ubben, dis­closed a new 1.1 per­cent stake in Amer­i­can Ex­press Co.

ValueAct ac­quired about 11.1 mil­lion shares in the credit-card is­suer as of June 30, ac­cord­ing to a fil­ing Mon­day with the U.S. Se­cu­ri­ties and Ex­change Com­mis­sion by the San Fran­cisco-based firm. Bloomberg re­ported Aug. 7 that ValueAct had ac­quired a stake of about $1 bil­lion. ValueAct, which man­ages about $18 bil­lion, re­cently dis­closed a 5.4 per­cent stake in Rolls-Royce Hold­ings Plc as a new core ac­tivist hold­ing. The Lon­don-based air­plane-en­gine maker con­firmed talks and said ValueAct had be­come its big­gest in­vestor, weeks af­ter Rolls-Royce hired a new chief ex­ec­u­tive of­fi­cer. The ac­tivist also bought a stake in Bri­tish en­gi­neer­ing com­pany Smiths Group Plc, peo­ple with knowl­edge of the mat­ter said at the time. The fund man­ager typ­i­cally fa­vors com­pa­nies with re­cur­ring rev­enues that it views as tem­po­rar­ily mis­priced, and prefers work­ing with man­agers and di­rec­tors be­hind the scenes. ValueAct has in­flu­enced the di­rec­tion of public com­pa­nies as di­verse as Mi­crosoft Corp.

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