Activist Investor Cevian Capital Now Holds 4.95% Stake in Aviva -- Update
08 Junio 2021 - 5:14AM
Noticias Dow Jones
--Investment firm Cevian Capital now owns 4.95% of Aviva's total
issued share capital
--Shareholders should receive around GBP5 billion of excess
capital from Aviva, Cevian Capital said
--Aviva could achieve savings of at least GBP500 million in
costs, the activist investor said
By Ian Walker, Sabela Ojea
Activist investor Cevian Capital Partners Ltd. on Tuesday said
that it now owns 4.95% of Aviva PLC's issued share capital, and
that the London-listed insurance company should be able to return
around five billion pounds ($7.09 billion) of excess capital to
shareholders next year.
Cevian Capital, which describes itself as a "long-term, hands-on
owner of European listed companies," said it sees the potential for
Aviva to save at least GBP500 million in costs by 2023.
AvivaSA in Turkey
"Aviva now has the potential to become a focused and
well-capitalized market leader that produces profitable growth,
generates significant cash, and is highly appreciated in the equity
markets," said Christer Gardell, managing partner and co-founder of
Cevian Capital.
Aviva shares at 0950 GMT were up 14.50 pence, or 3.5%, at 425.20
pence.
Write to Ian Walker at ian.walker@wsj.com, Sabela Ojea at
sabela.ojea@wsj.com
(END) Dow Jones Newswires
June 08, 2021 06:08 ET (10:08 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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