Cevian Capital, which acquires significant minority ownership positions in public companies in Europe, has increased its shareholding in British insurance giant Aviva Plc.
Back in June, the activist investor snapped up nearly 195 million Aviva shares. That swoop meant Cevian Capital held 4.95% of the insurance group.
Now, a new transaction sees Cevian Capital cross the 5% threshold. A notification published by the insurer shows that the international investment firm – which has offices in Stockholm, Zürich, and London – now owns a 5.017% stake in Aviva.
Cevian Capital partner Niko Pakalen previously noted that they began building up their Aviva position earlier this year. Additionally, the activist investor has had “constructive discussions” with chief executive Amanda Blanc’s camp.
As reported before, Cevian Capital wants Aviva to return £5 billion to shareholders in 2022. Earlier this month, when the insurance group released its half-year financials, Aviva revealed its plan to return at least £4 billion of capital to shareholders by the middle of next year.
“Cevian generally invests in sound companies that are overlooked, misunderstood, or out-of-favour with investors,” reads part of Cevian Capital’s strategy on its website. “It commonly acts as a reference shareholder, an anchor shareholder, or an external catalyst for change, depending on the situation.”
