ValueAct Capital Builds $1.2B Stake in Citigroup (C) - WSJ

(Updated - May 7, 2018 4:39 PM EDT)

ValueAct Capital has built a roughly $1.2 billion stake in Citigroup (NYSE: C), the Wall Street Journal reported citing a letter to investors.

ValueAct built the position over the past four to five months and continues to raise the stake "opportunistically," the letter stated.

The fund has talked to management and supports CEO Michael Corbat.

The hedge fund isn't urging any major strategic changes but suggests the company could increase capital return plan to about $50 billion from $40 billion.

A spokeswoman for Citigroup told the Journal, "We have been having constructive conversations with ValueAct and welcome them as investors."

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