|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||32.40 - 34.07|
|52 Week Range||29.66 - 39.57|
|Beta (5Y Monthly)||0.99|
|PE Ratio (TTM)||5.69|
|Earnings Date||May 14, 2020 - May 18, 2020|
|Forward Dividend & Yield||2.00 (5.81%)|
|Ex-Dividend Date||Aug 19, 2019|
|1y Target Est||41.63|
(Bloomberg) -- Elliott Management Corp. disclosed a stake in NN Group NV, saying it will push for “value creation” at the Dutch insurer.The activist fund controlled by Paul Singer reported a 3.04% holding in NN, according to a regulatory filing on Thursday. Elliott is teaming up with former Allianz SE executive Dieter Wemmer, who has also taken a stake in NN.Elliott and Wemmer’s investment “reflects their belief in the material and sustainable value creation opportunity that exists at the company,” the fund said in a statement. “Elliott and Mr. Wemmer have engaged in a constructive dialogue with NN Group’s management and look forward to continued private engagement.”The insurer, based in The Hague, has taken note of the filing, with a spokesperson adding that it never comments on conversations with its shareholders.NN Group is one of the Netherlands’ largest insurers and has a market value of almost 13 billion euros ($14 billion). Before Thursday, its shares were little changed over the previous 12 months. Chief Executive Officer David Knibbe, who took the role in October, is due to give investors his first strategy presentation in June.Elliott is one of the world’s most aggressive activist investors, and in little over a year has pushed for changes at Softbank Group Corp., AT&T Inc., and EBay Inc. NN is the fourth Dutch company since 2017 that Elliott has targeted; its most high-profile local investment was paint maker Akzo Nobel NV, which it pressed to consider merging with a rival.Elliott wants NN to consider asset sales to improve profitability and cut costs, according to a person familiar with the matter. The activist investor also thinks NN is too exposed to the risk of policyholders living longer than expected, the person said, requesting anonymity to discuss private talks.(Adds NN comment, detail on Elliott’s goals.)\--With assistance from Joost Akkermans and Scott Deveau.To contact the reporter on this story: Ellen Proper in Amsterdam at firstname.lastname@example.orgTo contact the editors responsible for this story: Chad Thomas at email@example.com, Joost AkkermansFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Activist hedge fund Elliott Management has revealed a stake in Dutch insurer NN Group, as it continues to build its presence in Europe. On Thursday, Elliott said it had built a 3 per cent position in NN, the largest listed insurance company in the Netherlands. It is co-ordinating with Dieter Wemmer, a veteran of the insurance industry and the former chief financial officer of Allianz, who has also bought a stake in NN.
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