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US: Activist investor takes $1 billion position in AmEx

 |  August 9, 2015

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

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