Activist investor Elliott has acquired a significant stake in RWE AG and is urging the German utility's management to initiate a share buyback program, Bloomberg News reported on Wednesday, citing people familiar with the matter.

Activist investor Elliott Investment Management has built up a sizable stake in RWE AG and is calling on the German utility’s management to consider a share buyback, according to people familiar with the matter.

Activist investor Elliott Investment Management has accumulated a sizeable position in German utility RWE AG (OTCPK:RWEOY) and wants the firm to evaluate a share repurchase. The hedge fund has taken a stake in recent months and has had discussions with RWE executives about its demands,

Elliott Investment Management said on Wednesday that it has not engaged with German utility RWE AG about an investment in the company and has not laid out any demands. The hedge fund issued a statement in reaction to a Bloomberg News report,