City Index Eleventh completed the acquisition of stakes in Japan Asia, a Tokyo-based holding company, Kokusai Kogyo, a transportation company, and JAG International, a renewable energy company, for $604m. City Index Eleventh began building a stake in JAG while Carlyle Group teamed up with JAG chairman and CEO Tetsuo Yamashita in a proposed management buyout in November. Carlyle withdrew in February after City Index Eleventh offered a higher bid to buy the rest of the shares. Murakami is one of Japan’s few, well-known activist shareholders. His typical strategy includes building up a stake in a company in the middle of a takeover and demanding that management boost its sale price.