Oasis boosts Nidec stake and says it’s now largest shareholder
The world's largest manufacturer of precision motors has been mired in turmoil since last year, with probes revealing widespread fraud.
Oasis Management, led by founder Seth Fischer, has increased its ownership in Nidec, becoming the largest shareholder in the troubled Japanese motor company. This move bolsters Fischer's advocacy for Nidec to explore privatization. Currently, Oasis holds 7.97% of Nidec's shares, surpassing the stake held by Nidec's founder, Shigenobu Nagamori, who resigned as chairman emeritus last year amid accounting scandal revelations.
Nagamori directly owns 8.3% of Nidec's shares, according to Bloomberg's data. Fischer expressed optimism about Nidec's underlying business and cash flow, suggesting the company should initiate privatization bids while rectifying its financial records.
Written by urgent.news from Japan Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
