PARIS (Reuters) – Activist hedge fund Elliott kept up the pressure on French drinks group Pernod Ricard, stating that while Pernod’s results this week were good, Elliott still wanted more in terms of corporate governance and steps to boost growth.
Elliott, which has built a stake of just over 2.5 percent in Pernod, has called on the family-backed group to raise profit margins to bring them more into line with British rival Diageo, and wants better corporate governance at Pernod.
Elliott - Statement - Friday - Response - Pernod
Elliott issued a statement on Friday in response to Pernod’s results this week, in which the group raised its profit growth outlook for 2018-2019.
“Pernod’s half-year earnings announcement confirmed the strong growth potential and solid financial performance of the company. It also reflected a first small step in starting to address the company’s shortcomings in operational efficiency,” Elliott said in a statement.
Elliott - Pernod - Strategy
Elliott nevertheless added it felt Pernod’s strategy...
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