Oasis Management founder Seth Fischer said his activist fund has increased its stake in Nidec to become the largest shareholder, adding heft to its calls for the troubled Japanese motor maker to consider going private. The move would mean Oasis holds a bigger stake than Nidec’s founder, Shigenobu Nagamori, who resigned as chairman emeritus earlier this year after revelations about past accounting issues plunged the firm into scandal. Nagamori directly holds 8.3% of Nidec’s shares, according to data compiled by Bloomberg.
We believe the business is incredibly valuable,” Fischer said in an interview in Tokyo on Wednesday. Nidec’s underlying business and cash flow remain strong despite the scandal, and the company should begin seeking privatization bids while continuing to get its books in order, he said. Oasis held 7.97% of Nidec’s shares as of Sept. 9, Bloomberg-compiled data shows.
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