Activist investor Elliott Management has $5 billion Honeywell stake, seeks breakup
Publishing timestamp: 2024-11-12 16:16:40
Summary
Activist investor Elliott Management has a $5 billion-plus stake in Honeywell and is pushing the industrial conglomerate to break itself up into two separate businesses - Aerospace and Automation. Elliott believes this move could unlock a 75% upside for Honeywell shareholders within two years. The activist investor stopped short of overtly criticizing CEO Vimal Kapur, but highlighted the underperformance of Honeywell compared to its peers due to its messy corporate structure. Honeywell shares rose 5% in Tuesday trading following the news.
Sentiment: MIXED
Tickers: JCI, HON, MMM, GE, GEV, MPC,
Keywords: breaking news: technology, general electric co, ge vernova inc, 3m co, marathon petroleum corp, mergers and acquisitions, honeywell international inc, breaking news: business, technology, breaking news, activism, vimal kapur, johnson controls international plc, business, business news,
Source: https://www.cnbc.com/2024/11/12/elliott-honeywell-activist-breakup.html