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Top-5 shareholder backs Scout24 management in clash with Elliott

Credit: REUTERS/MIKE BLAKE

Fund manager Baillie Gifford on Friday threw its weight behind the management team at German classifieds group Scout24, which has faced calls from activist investor Elliott Advisors to break up the business.

FRANKFURT, Aug 16 (Reuters) - Fund manager Baillie Gifford on Friday threw its weight behind the management team at German classifieds group Scout24 G24n.DE, which has faced calls from activist investor Elliott Advisors to break up the business.

Baillie Gifford, a top-five shareholder in Scout24, said it had confidence in the team headed by CEO Tobias Hartmann and said a period of calm and stability was needed for the company to execute on strategy.

"We want to support the management to achieve its future goals rather than seeking to deliver a short-term return at the expense of long-term value creation for shareholders," the UK-based fund manager said in statement.

(Reporting by Douglas Busvine, editing by Riham Alkousaa)

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

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