Activist investor steps up pressure on Smith & Nephew
Filings show Cevian, one of Europe's biggest activist investors, has raised its stake to 8.5 per cent having first publicly emerged with a holding in July last year via a Jersey-based vehicle. Cevian, which had raised it to 7.5 per cent in February, is understood to be the largest shareholder.
The stake building comes before half-year results from Smith & Nephew on August 5 where investors will look for signs of a turnaround in the performance of its orthopaedics division, the group's largest.
The group remains committed to retaining the business, but following full-year results in February, John Rogers, Smith & Nephew's chief financial officer, outlined scenarios under which it could evaluate options.
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