Elliott urges Scout24 to sell car listings arm, increase buyback

Business

The headquarters of Scout24, an operator of digital marketplaces for real estate and automobiles, is pictured in Munich, Germany July 5, 2019. REUTERS/Michael Dalder

FRANKFURT (Reuters) – U.S. activist investor Elliott urged German classifieds group Scout24 (G24n.DE) on Monday to sell its car listings division and ramp up a share buyback program to boost returns to investors.

“If you take the necessary steps to clear the obstacles to Scout24’s development, we would expect the share price to rise to more than 65 euros,” Elliott said in a letter to Scout 24 CEO Tobias Hartmann.

Elliott holds a 7% stake in the company, worth nearly 400 million euros ($445 million). Scout24 shares closed last week at 50.25 euros. ($1 = 0.8986 euros)

Reporting by Douglas Busvine; Editing by Tassilo Hummel

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