ValueAct Capital Management has accumulated a stake at American Express, worth $1 billion, people with knowledge of the matter told Bloomberg.
ValueAct’s investment, which is still less than 5 percent of AmEx, is viewed as a way for the activist fund to pursue “shareholder-friendly” changes at AmEx.
Bloomberg adds that Ken Chenault, chief executive officer of AmEx, has been under pressure to show that AmEx can recover from a series of setbacks this year.
The company experienced several setbacks, which include the ending of its partnership with Costco Wholesale Corporation.
Full content: The Wall Street Journal
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
