US Markets

Scout24 sets strategic review for autos platform

Credit: REUTERS/MICHAEL DALDER

German classified listings group Scout24, reporting upbeat second-quarter profits, said on Tuesday it would explore options for its autos platform after facing calls from activist investor Elliott to sell the business.

FRANKFURT, Aug 13 (Reuters) - German classified listings group Scout24 G24n.DE, reporting upbeat second-quarter profits, said on Tuesday it would explore options for its autos platform after facing calls from activist investor Elliott to sell the business.

"We have commenced a strategic review of alternatives for AutoScout24 with the objective to enhance long-term shareholder value," said CEO Tobias Hartmann, adding that Scout24 would update investors on the review at a capital markets day on Nov. 26.

Elliott last week went public with a demand that Scout24 sell AutoScout24 and ramp up a share buyback programme to boost returns to investors.

(Reporting by Douglas Busvine Editing by Tassilo Hummel)

((douglas.busvine@tr.com; +49 69 7565 1271; Reuters Messaging: douglas.busvine.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Latest Markets Videos

    Reuters

    Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

    Learn More