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- Elliott Management built a large stake in Japanese trading house Sumitomo Corp. (OTCPK:SSUMF) (OTCPK:SSUMY), Bloomberg reported Sunday citing people familiar with the matter.
- Elliott, founded by Paul Singer, has a stake of around several tens of billions of yen, with each 10 billion yen block equal to a 0.2% in the company, according to the report.
- Sumitomo has had talks with Elliott about enhancing shareholder value, a source told Bloomberg, but it was unclear whether those talks came before or after the stake.
