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Elliott takes 3% stake in Daikin and urges portfolio review

Elliott Investment Management took a 3% stake in Daikin and urged a portfolio review. Shares rose 11% in Tokyo today as the investor suggested buybacks.

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Elliott Investment Management has taken a significant stake in DAIKIN INDUSTRIES LTD, the world-renowned manufacturer of air conditioning systems. The activist investor is reportedly calling for a comprehensive review of the company's portfolio to improve profit margins and boost shareholder returns within Japan.

The mascot of Daikin Industries is pictured at the company's office in Tokyo. REUTERS/Sam Nussey
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