Elliott builds $1 billion-plus stake in Johnson Controls, Bloomberg reports (updated)
20/05/2024 03:03
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May 19 (Reuters) - Activist investor Elliott Investment
Management has built a position worth over $1 billion in Johnson
Controls International Plc JCI.N , Bloomberg News reported on
Sunday.
The Bloomberg report also said that Elliott's intentions
behind the stake in the building solutions provider couldn't
immediately be learned.
Elliott and Johnson Controls didn't immediately respond
to a Reuters request for comment. The investor's move follows
Johnson Controls' attempts to divest its heating and ventilation
assets as part of an effort to jettison non-core businesses.
Robert Bosch GmbH, Lennox International LII.N and Samsung
Electronics 005930.KS were among industrial firms competing to
acquire heating and ventilation assets worth over $6 billion
from Johnson Controls, Reuters had earlier reported.
Founded in 1885, Johnson Controls makes a wide range of
appliances and equipment for commercial buildings, as well as
home comfort appliances. It provides electronic systems for
offices, schools and hospitals in areas such as ventilation,
security and fire detection.
(Reporting by Kanjyik Ghosh; Editing by Nivedita Bhattacharjee)
((Kanjyik.Ghosh@thomsonreuters.com;))