Elliott takes stake in Japan's Daikin, pushes for portfolio review (updated)

Daikin Industries

16/04/2026 02:07

Adds Daikin's response in paragraph 5

By Sam Nussey

TOKYO, April 16 (Reuters) - Elliott Investment Management said on Thursday it has taken a stake in Daikin 6367.T and thinks the manufacturer of air conditioners should improve margins and shareholder returns and review non-core assets.

Elliott did not provide further details on the stake.

A person familiar with the matter said Elliott's stake is around 3% and that it believes Daikin should do more to integrate its businesses, institute a share buyback programme and refocus on its core air conditioner operations.

Daikin has the capacity to allocate 1 trillion yen ($6.30 billion) to buybacks over the medium term, the person said.

Daikin said it was aware Elliott had taken a stake but declined to comment further.

Daikin's shares jumped 11% in morning Tokyo trading.

Elliott has been increasing its presence in Japan, scoring a landmark victory against automaker Toyota 7203.T and taking stakes in companies including shipper Mitsui OSK 9104.T.

 ($1 = 158.7700 yen)

 (Reporting by Sam Nussey; Editing by Muralikumar Anantharaman and Himani Sarkar)

 ((sam.nussey@tr.com;))