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Activist Cevian takes 5% stake in British insurer Aviva

LONDON, June 8 (Reuters) - Activist investor Cevian Capital said on Tuesday it had built up a 4.95% stake in Aviva and that the British insurer should be able to return 5 billion pounds ($7.08 billion) of excess capital in 2022.

“Aviva has been poorly managed for many years, and its high-quality core businesses have been held back by high costs and a series of bad strategic decisions,” Christer Gardell, managing partner and co-founder of Cevian said in a statement. ($1 = 0.7063 pounds) (Reporting by Carolyn Cohn Editing by Rachel Armstrong)

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