Elliott raises DMG Mori Seiki stake above 10 pct (updated)
15/04/2015 17:41
* Elliott doubles stake in DMG Mori Seiki AG to 10.1 pct
* Company is 50.8 percent owned by Japanese partner
* Shares close up 2.7 percent
(Adds details, background, shares)
FRANKFURT, April 15 (Reuters) - U.S. activist hedge fund
Elliott has raised its stake in DMG Mori Seiki GILG.DE to 10.1
percent, the German machine-tool maker said in a statement on
Wednesday.
DMG Mori Seiki's smaller, Japanese partner, DMG Mori Seiki
Co. Ltd, 6141.T owns 50.8 percent of the German company
following a tender offer that ended last month.
Elliott's share was previously just over 5 percent. It began
building up its stake after Japan's DMG launched the offer.
Elliott declined to comment.
The German and the Japanese companies have said they hope
the merger will cement the German company's position as global
market leader in machine-tool manufacturing.
Specialising in cutting tools used in the automotive, oil,
construction and aerospace sectors, among others, DMG Mori
serves customers including Daimler DAIGn.DE , Bosch ROBG.UL
and Siemens SIEGn.DE .
DMG shares closed up 2.7 percent in Frankfurt.
($1 = 0.9435 euros)
(Reporting by Georgina Prodhan; Editing by Andreas Cremer and
Jane Merriman)
((georgina.prodhan@thomsonreuters.com; +49 69 7565 1279;
Reuters Messaging:
georgina.prodhan.thomsonreuters.com@reuters.net))
Keywords: DMGMORISEIKI ELLIOTT/