- Fresenius Medical Care ( NYSE: FMS ) is under pressure to make changes after the company cut its 2022 financial outlook and it was disclosed activist investor Elliott Investment Management now has a 3% stake in the company, Bloomberg reported.
- The financial news service said Elliott believes that structural changes are needed.
- During a Q3 2022 financial call earlier Monday, Fresenius ( FMS ) CEO Michael Sen admitted the company needed a "reset. We are reviewing every business, top-to-bottom and at fast pace. And while this happens, we have to reduce costs to deal with a tough environment"
- In its 2022 outlook, Fresenius ( FMS ) lowered its fiscal year net income range and now expects a decline of high-teens to mid-twenties percentage range.
- Shares are up 5% in early Monday afternoon trading.
- A Bloomberg report earlier this month first hinted at Elliott's stake in the company, saying it was looking at potentially seeking a break up of the health care conglomerate .
For further details see:
Fresenius under pressure to make changes as activist Elliott takes 3% stake - Bloomberg