The headquarters of Scout24, an operator of digital marketplaces for real estate and automobiles, is pictured in Munich, Germany July 5, 2019. REUTERS/Michael Dalder
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 program to boost returns to investors.
Reporting by Douglas Busvine; Editing by Tassilo Hummel