SAP welcomes Elliott’s $1.3bn investment

Frankfurt — US activist investor Elliott revealed a €1.2bn stake in SAP on Wednesday and says it supports a new management efficiency drive, sending shares in the German business software company to a high.

Europe’s most valuable technology company now wants to expand adjusted operating margins by a total of five percentage points through 2023. “Elliott fully supports the initiatives announced today,” Cohn and Genrich said in a statement. “The company’s shares were clearly undervalued in relation to its revenue growth, and today’s announcement lays the foundation for substantial realisation of value.”

The pivot by McDermott came as SAP reported a quarterly operating loss of €136m due to an €886m up-front charge arising from the announcement in January that SAP would let go of 4,400 people. SAP lifted its growth forecast for non-IFRS operating profits this year to 9.5%-12.5% at constant currencies, while also nudging up its outlook for 2020.

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