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Scout24 sets strategic review for autos platform

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Scout24 sets strategic review for autos platform
FILE PHOTO: 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/File Photo   -   Copyright  Michael Dalder(Reuters)
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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)

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