TOKYO (Reuters) – Shares of Nissan Motor rose as much as 6% in early trading in Tokyo on Friday after Japanese magazine Diamond Online reported that activist investor Oasis Management had taken a stake in the carmaker.
Shares of Nissan (OTC:) were also up on Tuesday after a filing showed that an entity related to activist Effissimo Capital Management had taken a stake in the company.
Diamond magazine quoted an unnamed person as saying that Oasis had taken a stake in Nissan before Effissimo. The size of the stake and when the shares were purchased were not clear, the report said.
A representative for Oasis declined to comment on the report.
Shareholder activism has gained momentum in Japan, where international and domestic investors are demanding companies improve corporate governance and capital allocation at a record pace, helped by regulators’ guidelines.
Nissan issued a profit warning last week and said it would cut 9,000 jobs and a fifth of its global production capacity, amid a sales slump in its two biggest markets, China and the United States.
Shares last rose 4% to 426.7 yen ($2.73), compared with a 1.2% rise against the benchmark index. The stock is down 35% from its high this year.
($1 = 156.5400 yen)
