A famed US activist investor is taking on one of Japan’s most obsessive companies in what promises to be an epic clash of cultures across the Pacific.
According to its quarterly letter to investors, Third Point — the hedge fund run by Daniel Loeb — has bought into Fanuc, the world’s largest robotics company, and is urging it to conduct a share buyback.
The purchase highlights renewed investor interest in Japan as massive monetary stimulus drives stocks higher, the government prepares a new corporate governance code, and return on equity finally catches on as a management goal.
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