Scout24 sets strategic review for autos platform
FRANKFURT (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 forAutoScout24 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)