Elliott urges Mitsui O.S.K. Lines to take stronger action on undervaluation issues
Golden Ten Data April 1|After Mitsui O.S.K. Lines announced its mid-term business plan, Elliott Investment Management called on the Japanese shipping company to confront more decisively the factors behind its undervaluation. The American activist investor stated on Wednesday that it remains concerned that Mitsui O.S.K. Lines' latest plan is insufficient in addressing the significant unrealized gains from ships and real estate on the company’s balance sheet. Elliott said that the measures outlined in the business plan are positive steps toward improving shareholder returns, and affirmed its commitment to constructive cooperation with the company to achieve a higher valuation. In March, the activist investor revealed that it had built a large stake in Mitsui O.S.K. Lines, stating that although the company has strong capabilities in shipping and is a major owner of ocean-going vessels, its value is severely underestimated.
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