[SCHEDULE 13D/A] SOUTHWEST AIRLINES CO SEC Filing
Elliott Investment Management L.P. filed Amendment No. 10 to its Schedule 13D for Southwest Airlines Company (ticker LUV), reporting beneficial ownership of 51,128,500 shares, representing 9.7% of common stock. Elliott states it increased the Elliott Funds' exposure because it believes Southwest's strategic initiatives can create long-term shareholder value.
The filing discloses that Elliott also holds economic exposure via cash-settled total return swaps referencing 33,094,509 shares (about 6.3% economic exposure), bringing combined economic exposure to approximately 16.0% of outstanding shares. Elliott disclaims beneficial ownership of the Subject Shares underlying the swaps and says counterparties are unaffiliated third-party financial institutions.
Elliott Investment Management L.P. ha presentato la Modifica n. 10 al proprio Schedule 13D riguardante Southwest Airlines Company (ticker LUV), riportando una partecipazione beneficiaria di 51.128.500 azioni, pari al 9,7% delle azioni ordinarie. Elliott afferma di aver aumentato l’esposizione dei fondi Elliott poiché ritiene che le iniziative strategiche di Southwest possano creare valore per gli azionisti nel lungo periodo. Il deposito rende inoltre noto che Elliott detiene anche un’esposizione economica tramite swap sul rendimento totale regolati in contanti riferiti a 33.094.509 azioni (circa 6,3% di esposizione economica), portando l’esposizione economica combinata a circa 16,0% delle azioni in circolazione. Elliott nega la titolarità beneficiaria delle azioni sottostanti agli swap e afferma che le controparti siano istituzioni finanziarie terze non affiliate.
Elliott Investment Management L.P. presentó la Enmienda n.º 10 a su Schedule 13D sobre Southwest Airlines Company (ticker LUV), reportando una participación beneficiosa de 51.128.500 acciones, que representa el 9,7% del capital social común. Elliott indica que aumentó la exposición de los Elliott Funds porque cree que las iniciativas estratégicas de Southwest pueden generar valor para los accionistas a largo plazo. La presentación también revela que Elliott posee exposición económica a través de swaps de rendimiento total en efectivo referenciados a 33.094.509 acciones (alrededor del 6,3% de exposición económica), llevando la exposición económica combinada a aproximadamente el 16,0% de las acciones en circulación. Elliott niega la titularidad beneficiosa de las Acciones Sujetas subyacentes a los swaps y afirma que las contrapartes son instituciones financieras de terceros no afiliadas.
엘리엇 인베스트먼트 매지먼트 L.P.는 Southwest Airlines Company(LUV)에 대한 Schedule 13D의 수정 제10호를 제출했으며, 51,128,500주의 실질적 소유를 보고하고, 이는 보통주의 9.7%에 해당합니다. 엘리엇은 Elliott Funds의 노출을 늘린 이유로 Southwest의 전략적 이니셔티브가 장기적으로 주주가치 창출에 기여할 수 있다고 판단했다고 밝힙니다. 제출 문서는 또한 엘리엇이 현금결제 총수익 스왑을 통해 33,094,509주에 대해 약 6.3%의 경제적 노출도 보유하고 있어, 합산 경제 노출이 약 16.0%의 발행주식으로 증가한다고 보고합니다. 엘리엇은 스왑의 기초 주식에 대한 실질적 소유권은 주장하지 않으며, 상대방은 비계열의 제3자 금융기관이라고 명시합니다.
Elliott Investment Management L.P. a déposé l’amendement n° 10 à son Schedule 13D concernant Southwest Airlines Company (ticker LUV), reportant une détention bénéficiaire de 51 128 500 actions, soit 9,7% des actions ordinaires. Elliott indique avoir augmenté l’exposition des Elliott Funds car elle estime que les initiatives stratégiques de Southwest peuvent créer de la valeur pour les actionnaires à long terme. Le document révèle également qu’Elliott détient une exposition économique via des swaps de rendement total réglés en espèces portant sur 33 094 509 actions (environ 6,3% d’exposition économique), portant l’exposition économique combinée à environ 16,0% des actions en circulation. Elliott nie toute propriété bénéficiaire des Actions Sous-jacentes aux swaps et précise que les contreparties sont des institutions financières tierces non affiliées.
Elliott Investment Management L.P. hat Amendment Nr. 10 zu ihrem Schedule 13D bezüglich Southwest Airlines Company (Wertpapierkürzel LUV) eingereicht und eine Beneficial Ownership von 51.128.500 Aktien gemeldet, das entspricht 9,7% des Stammkapitals. Elliott erklärt, dass sie die Exponierung der Elliott Funds erhöht habe, weil sie glaubt, dass Southwest’ strategische Initiativen langfristig Wert für die Aktionäre schaffen können. Die Einreichung offenbart außerdem, dass Elliott auch über cash-settled Total Return Swaps, die sich auf 33.094.509 Aktien beziehen, eine wirtschaftliche Exponierung von ca. 6,3% hält, wodurch die kombinierte wirtschaftliche Exponierung auf ca. 16,0% der ausstehenden Aktien steigt. Elliott bestreitet die wirtschaftliche Eigentümerschaft der den Swaps zugrunde liegenden Aktien und erklärt, dass Gegenparteien unverbundene Drittfinanzinstitute sind.
قدمت Elliott Investment Management L.P. التعديل رقم 10 على Schedule 13D المتعلق بشركة Southwest Airlines Company (رمز التداول LUV)، وكشفت عن ملكية مستفيدة قدرها 51,128,500 سهم، ما يمثل 9.7% من الأسهم العادية. وتذكر أن إيلوِت زادت تعرّض صناديق Elliott لأنه يعتقد أن المبادرات الاستراتيجية لـ Southwest يمكن أن تخلق قيمة للمساهمين على المدى الطويل. يخُصّ الإبلاغ أيضًا أن لإيليوت تعرضًا اقتصاديًا عبر مقايضات العائد الإجمالي المدفوعة نقدًا التي تشير إلى 33,094,509 سهم تقريبًا (6.3% من التعرض الاقتصادي)، مما يجعل مجمل التعرض الاقتصادي نحو 16.0% من الأسهم القائمة. وتنفي Elliott الملكية المفيدة للأسهم الأساسية المرتبطة بالمقايضات وتقول إن الأطراف المقابلة هي مؤسسات مالية طرف ثالث غير مرتبطة.
Elliott Investment Management L.P. 已就 Southwest Airlines Company（代码 LUV）提交了 Schedule 13D 的修正案第10号，披露对普通股的受益所有权为 51,128,500 股，约占 9.7%。Elliott 表示增加了 Elliott Funds 的敞口，因为其认为 Southwest 的战略举措可能在长期内为股东创造价值。文件还披露，Elliott 通过以现金结算的总回报互换（referencing 33,094,509 股）拥有经济敞口（约 6.3%），使合计经济敞口约为未发行股份的 16.0%。Elliott 对掉期所依据的标的股票不主张受益所有权，并表示交易对手方为非关联的第三方金融机构。
- Reported 9.7% direct beneficial ownership (51,128,500 shares), a material stake that shows meaningful investor interest
- Combined economic exposure of ~16.0% including cash-settled swaps, indicating substantial conviction in Southwest's strategic initiatives
- Use of cash-settled swaps where Elliott disclaims beneficial ownership of referenced shares, which clarifies voting power is not claimed for those Subject Shares
- Large disclosed position increases the likelihood of activist engagement or public pressure on management and the board
- Economic exposure via derivatives can create market perception of concentrated influence without direct voting transparency
Insights
TL;DR: Elliott now reports a near-10% stake and ~16% total economic exposure in Southwest, signaling a material activist-sized position.
Elliott's disclosure of 51.1 million shares (9.7%) is a material ownership stake under Schedule 13D standards and the additional 33.1 million-share economic exposure via cash-settled swaps meaningfully increases its economic footprint to ~16.0%. The filing states the purpose is to increase exposure based on belief in management's strategic initiatives, which suggests engagement or support rather than an immediate hostile posture, although Schedule 13D reporting typically precedes activist involvement. The clear disclaimer of beneficial ownership for the swap-referenced shares is standard for cash-settled instruments, and counterparties are third-party financial institutions, indicating no disclosed voting control over those referenced shares.
TL;DR: A 9.7% reported stake with derivative exposure to 16.0% is governance-relevant and likely to attract investor and board attention.
From a governance perspective, the Schedule 13D amendment signals a significant shareholder with resources to influence outcomes. The filing explicitly ties the position to confidence in the company’s strategic initiatives, which could presage proposals, engagement, or support for management actions. The disclosure notes no other contracts, voting arrangements, or joint understandings, limiting apparent coordination risks, but the size and the public Schedule 13D status make this a potentially impactful development for boardroom dynamics.
Elliott Investment Management L.P. ha presentato la Modifica n. 10 al proprio Schedule 13D riguardante Southwest Airlines Company (ticker LUV), riportando una partecipazione beneficiaria di 51.128.500 azioni, pari al 9,7% delle azioni ordinarie. Elliott afferma di aver aumentato l’esposizione dei fondi Elliott poiché ritiene che le iniziative strategiche di Southwest possano creare valore per gli azionisti nel lungo periodo. Il deposito rende inoltre noto che Elliott detiene anche un’esposizione economica tramite swap sul rendimento totale regolati in contanti riferiti a 33.094.509 azioni (circa 6,3% di esposizione economica), portando l’esposizione economica combinata a circa 16,0% delle azioni in circolazione. Elliott nega la titolarità beneficiaria delle azioni sottostanti agli swap e afferma che le controparti siano istituzioni finanziarie terze non affiliate.
Elliott Investment Management L.P. presentó la Enmienda n.º 10 a su Schedule 13D sobre Southwest Airlines Company (ticker LUV), reportando una participación beneficiosa de 51.128.500 acciones, que representa el 9,7% del capital social común. Elliott indica que aumentó la exposición de los Elliott Funds porque cree que las iniciativas estratégicas de Southwest pueden generar valor para los accionistas a largo plazo. La presentación también revela que Elliott posee exposición económica a través de swaps de rendimiento total en efectivo referenciados a 33.094.509 acciones (alrededor del 6,3% de exposición económica), llevando la exposición económica combinada a aproximadamente el 16,0% de las acciones en circulación. Elliott niega la titularidad beneficiosa de las Acciones Sujetas subyacentes a los swaps y afirma que las contrapartes son instituciones financieras de terceros no afiliadas.
엘리엇 인베스트먼트 매지먼트 L.P.는 Southwest Airlines Company(LUV)에 대한 Schedule 13D의 수정 제10호를 제출했으며, 51,128,500주의 실질적 소유를 보고하고, 이는 보통주의 9.7%에 해당합니다. 엘리엇은 Elliott Funds의 노출을 늘린 이유로 Southwest의 전략적 이니셔티브가 장기적으로 주주가치 창출에 기여할 수 있다고 판단했다고 밝힙니다. 제출 문서는 또한 엘리엇이 현금결제 총수익 스왑을 통해 33,094,509주에 대해 약 6.3%의 경제적 노출도 보유하고 있어, 합산 경제 노출이 약 16.0%의 발행주식으로 증가한다고 보고합니다. 엘리엇은 스왑의 기초 주식에 대한 실질적 소유권은 주장하지 않으며, 상대방은 비계열의 제3자 금융기관이라고 명시합니다.
Elliott Investment Management L.P. a déposé l’amendement n° 10 à son Schedule 13D concernant Southwest Airlines Company (ticker LUV), reportant une détention bénéficiaire de 51 128 500 actions, soit 9,7% des actions ordinaires. Elliott indique avoir augmenté l’exposition des Elliott Funds car elle estime que les initiatives stratégiques de Southwest peuvent créer de la valeur pour les actionnaires à long terme. Le document révèle également qu’Elliott détient une exposition économique via des swaps de rendement total réglés en espèces portant sur 33 094 509 actions (environ 6,3% d’exposition économique), portant l’exposition économique combinée à environ 16,0% des actions en circulation. Elliott nie toute propriété bénéficiaire des Actions Sous-jacentes aux swaps et précise que les contreparties sont des institutions financières tierces non affiliées.
Elliott Investment Management L.P. hat Amendment Nr. 10 zu ihrem Schedule 13D bezüglich Southwest Airlines Company (Wertpapierkürzel LUV) eingereicht und eine Beneficial Ownership von 51.128.500 Aktien gemeldet, das entspricht 9,7% des Stammkapitals. Elliott erklärt, dass sie die Exponierung der Elliott Funds erhöht habe, weil sie glaubt, dass Southwest’ strategische Initiativen langfristig Wert für die Aktionäre schaffen können. Die Einreichung offenbart außerdem, dass Elliott auch über cash-settled Total Return Swaps, die sich auf 33.094.509 Aktien beziehen, eine wirtschaftliche Exponierung von ca. 6,3% hält, wodurch die kombinierte wirtschaftliche Exponierung auf ca. 16,0% der ausstehenden Aktien steigt. Elliott bestreitet die wirtschaftliche Eigentümerschaft der den Swaps zugrunde liegenden Aktien und erklärt, dass Gegenparteien unverbundene Drittfinanzinstitute sind.
FAQ
How many shares of Southwest (LUV) does Elliott report owning directly?
What is Elliott's total economic exposure to Southwest common stock?
What type of derivatives does Elliott disclose in this filing?
Does Elliott claim voting power over the shares referenced in the swaps?
What reason does Elliott give for increasing its exposure to Southwest (LUV)?
