Buffett-Favored Mitsui Announces Share Buyback, Stock Split
(They did a $2.2b one last year too and Elliot Management just announced a large purchase in Sumitomo-Elliot was on BOD at Twatter and was never going to buy it despite rumors when Naughty Jack left-Berkshire Hathaway started buying into the Japanese trading houses (Itochu Corp., Marubeni Corp., Mitsubishi Corp., Mitsui & Co., and Sumitomo Corp) in 2019 and announced the purchases in August 2020 and has added to all of them since then increasing stake to 9% by now iirc…(((they))) need access to cheap $ creation/credit and the yen carry trade provides that as long as BOJ rates are low-control the trading houses and you control the BOJ)as they own at least 60% of JGBs and about 75-80% of equity markets)
Notification of Share Repurchase 200billion Yen ($1.3b) and Cancellation of Treasury Stock.
At the meeting of the Board of Directors held on May 1, 2024, Mitsui & Co., Ltd. (“Mitsui”, Head Office: Tokyo, President & CEO: Kenichi Hori) resolved to repurchase its shares in accordance with Article 156 of the Companies Act of Japan, as applied pursuant to paragraph 3 of Article 165 of the Companies Act of Japan and to cancel treasury stock in accordance with Article 178 of the said Act. Notice Regarding Share Split and Ensuing Partial Amendment to the Articles of Incorporation. Mitsui & Co., Ltd. (“Mitsui”, Head Office: Tokyo, President and CEO: Kenichi Hori), at a meeting of the Board of Directors on May 1, 2024, resolved to conduct a share split and make a partial amendment to the articles of incorporation in conjunction with this split.
https://www.mitsui.com/jp/en/release/2024/1249097_14372.html
https://www.msn.com/en-us/money/other/buffett-favored-mitsui-announces-share-buyback-stock-split/ar-AA1nXzr4
Elliott Acquires Large Stake in Trader Sumitomo: Report
Elliott Management Corp. of the United States, known as an activist investor, has invested several tens of billions of yen to build a large stake in Japanese trading house Sumitomo Corp., Bloomberg reported Sunday.
Elliott has engaged with Sumitomo and shared its views on ways to create shareholder value, the U.S. news agency quoted a person familiar with the matter as saying.
Sumitomo is one of Japan's five major trading companies in which U.S. investment firm Berkshire Hathaway Inc., led by renowned investor Warren Buffett, has stepped up investment.
Details such as the timing of Elliott's investment in Sumitomo and its ownership ratio have not been disclosed. Every 10-billion-yen investment is equivalent to 0.2 pct of Sumitomo's outstanding shares, based on Friday's closing price of Sumitomo, according to the report.
Shares of the five major Japanese traders have been trading at high levels since Buffett said last year he would buy more shares of the companies. Berkshire owns about 9 pct of each of the traders.
https://www.nippon.com/en/news/yjj2024042900158/elliott-acquires-large-stake-in-trader-sumitomo-report.html