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.

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

BUSINESS MAVERICK: Shoprite’s R3.3bn payout proposal to Christo Wiese could easily be voted downWhen a company puts out an announcement involving R3.3bn on a Thursday afternoon before a long weekend, you have to wonder. And that is what the financial community has been doing about Shoprite’s proposal to pay its chairman R3.3bn for high voting-power shares with an actual monetary value of, well, nothing. There are some who think it’s a deal worth doing, but some significant shareholders on Tuesday said, very firmly, they would be voting against the proposal. The deal could very easily fail. Former Steinhoff Chairman Christo (I know nothing, I am the victim) Wiese who presided over the biggest financial disaster in SA, should all his assets frozen NOW. It will be immoral not to vote this down, otherwise you are all accomplices
Source: dailymaverick - 🏆 3. / 84 Read more »

Barclays said to be planning to cut investment bankers’ bonusesActivist investor Edward Bramson says Barclays could be forced to raise capital, sell lucrative units or cut dividends if it carries on prioritising its investment bank
Source: BDliveSA - 🏆 12. / 63 Read more »

Nearly R3bn in investment raised for Cape Town, Western Cape in 2018/19This followed a successful fourth quarter in which more than R500 million in declared investments was secured.
Source: TheCitizen_News - 🏆 6. / 75 Read more »

Nissan investment is a boost to SA automotive masterplanThe R3bn investment to build the next-generation Navara at the Rosslyn plant in Tshwane is welcomed by the president and trade and industry minister
Source: BDliveSA - 🏆 12. / 63 Read more »