Shares of Nissan Motor jumped about 21 percent on Tuesday after a filing showed that activist investor Efissimo Capital Management had acquired a stake in the struggling Japanese automaker.
Nissan revealed the acquisition of the ECM Master Fund, registered in the Cayman Islands, as a shareholder with a 2.5 percent stake as of the end of September, and the ECM Master Fund affiliated with Efissimo, according to Securities and Exchange Commission filings.
In a statement, the automaker said it appreciated all “existing and new shareholders who support and believe in Nissan’s future potential.”
Nissan last week announced a plan to cut 9,000 jobs and 20 percent of its global manufacturing capacity amid sluggish sales in China and the United States, cutting its annual profit forecast by 70 percent.
Nissan’s stock price hit its lowest level in four years on Friday after earnings results, and the stock ended Tuesday’s trading up 12.8% at 415.8 yen.
Shareholder activism has gained momentum in Japan, with international and domestic investors demanding companies improve corporate governance and capital allocation at a record pace, and regulatory guidance has also helped.
