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Elliott builds $1 billion-plus stake in Johnson Controls, Bloomberg reports
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Elliott builds $1 billion-plus stake in Johnson Controls, Bloomberg reports
May 20, 2024 1:38 AM

May 19 (Reuters) - Activist investor Elliott Investment

Management has built a position worth over $1 billion in Johnson

Controls International Plc ( JCI ), Bloomberg News reported on

Sunday.

The Bloomberg report also said that Elliott's intentions

behind the stake in the building solutions provider couldn't

immediately be learned.

Elliott and Johnson Controls ( JCI ) didn't immediately respond

to a Reuters request for comment. The investor's move follows

Johnson Controls' ( JCI ) attempts to divest its heating and ventilation

assets as part of an effort to jettison non-core businesses.

Robert Bosch GmbH, Lennox International ( LII ) and Samsung

Electronics ( SSNLF ) were among industrial firms competing to

acquire heating and ventilation assets worth over $6 billion

from Johnson Controls ( JCI ), Reuters had earlier reported.

Founded in 1885, Johnson Controls ( JCI ) makes a wide range of

appliances and equipment for commercial buildings, as well as

home comfort appliances. It provides electronic systems for

offices, schools and hospitals in areas such as ventilation,

security and fire detection.

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