Shares in Nissan surged as much as 20 per cent on Tuesday, after a fund managed by activist investor Effissimo Capital Management was revealed to have taken a stake in the struggling Japanese automaker.
Singapore-based hedge fund Effissimo is famous for its high-profile campaigns against some of the biggest names in corporate Japan including Toshiba and transportation company Kawasaki Kisen.
Nissan’s stock closed up 12 per cent in Tokyo, recouping much of last week’s collapse after it unveiled measures including 9,000 job cuts following a quarterly loss and the second annual profit downgrade of the year.
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