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Paul Singer's hedge fund dissolves stake in Interpublic
February 15, 2017 / 3:50 AM / 10 months ago

Paul Singer's hedge fund dissolves stake in Interpublic

(Reuters) - U.S. hedge fund Elliott Management Corp has dissolved its stake in advertising company Interpublic Group of Companies Inc (IPG.N), a regulatory filing showed on Tuesday.

In July 2014, the hedge fund run by Paul Singer said it had bought a 6.7 percent stake in Interpublic.

IPG was under pressure to sell itself since Elliott Management bought the stake in the company, but no deal was realized.

    The hedge fund has been reducing its holding in the company gradually since early last year.

    A 13-F fling with U.S. regulators on Nov. 14, 2016, showed Elliott held a stake in Interpublic. However, its latest filing on Tuesday did not show any shares held in the company.

    Interpublic, whose clients include Johnson & Johnson (JNJ.N), Microsoft (MSFT.O) and Coca-Cola (KO.N), posted a better-than-expected quarterly profit on Friday.

    Reporting by Vishal Sridhar in Bengaluru; Editing by Gopakumar Warrier

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