AXP American Express Company

   By Josh Beckerman 
 

Activist hedge fund ValueAct Capital Management LP has bought a stake worth about $1 billion in American Express Co. (AXP), Bloomberg News reported Friday, citing people with knowledge of the matter.

A spokeswoman for American Express told Bloomberg "we have been speaking with them, as we do with other investors, and look forward to continuing a constructive dialogue."

American Express shares recently traded up 6% to $79.60.

Write to Josh Beckerman at josh.beckerman@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires