Japan's top business lobby put off private meeting with activist fund Elliott

By Makiko Yamazaki

TOKYO, Feb 24 (Reuters) - Keidanren, Japan's biggest business lobby, has put off a private meeting scheduled for next month with activist investor Elliott Investment Management, an official from the lobby group said on Tuesday.

The planned meeting on March 5 was meant to be an opportunity for an Elliott portfolio manager overseeing Japanese equity investments to outline the fund's investment strategy and approach to engagement with companies, followed by "a frank exchange of views," Reuters reported last month.

An official at Keidanren said the meeting had been put off due to "various reasons," but declined to comment further. Elliott did not respond to a request for comment.

Elliott has a growing presence in Japan, taking stakes in and pushing for changes at major companies, and is opposing Toyota's attempt to buy out forklift maker Toyota Industries 6201.T.

The Toyota deal is seen as a test case for corporate governance in Japan where regulators are encouraging companies to unwind cross-shareholding arrangements and improve capital efficiency.

Elliott has criticised the deal as being underpriced and lacking transparency.

Toyota, which is a member of the lobby group, has extended its tender offer to March 2 due to insufficient shareholder support.

Elliott has offered to buy shares from investors who have agreed to the offer, which if successful would translate into reduced support for the buyout, Reuters reported on Tuesday.

The activist investor has also taken stakes in other companies such as Tokyo Gas 9531.T, Kansai Electric Power 9503.T and Sumitomo Realty & Development 8830.T, all members of the lobby group.