Changes sourcing throughout, adds shares in paragraph 1 and 4, shareholder details in 2 and background throughout

June 15 (Reuters) - U.S.-based activist investor Elliott Investment Management has taken a near 5% stake in business supplies distributor Bunzl BNZL.L, according to a person familiar with the matter, sending the British group's shares up 3%.

The stake would make Elliott among the top shareholders in Bunzl, according to LSEG data. Schroder Investment Management is Bunzl's largest with a 5.13% stake, followed by Mawer Investment Management at 4.99% and Capital Research Global at 4.94%.

Elliott is pushing Bunzl to buy back shares worth up to 10% of its market capitalisation over the next 12 months and conduct a review focused on its North American business to lift the group's valuation, the source said, confirming a report by Bloomberg News earlier in the day.

Bunzl shares rose as much as 3.7% to 2,632 pence by 0754 GMT, giving it a valuation of £8.23 billion ($11.05 billion). So far this year, the stock has gained 26%.

Bunzl and Elliott did not immediately respond to a request for comment.

Bunzl, which supplies everything from stationery to food packaging, has cut costs and reshaped its product mix in North America after weak demand and execution weighed on margins. The region accounts for more than 50% of its revenue.

In April, the group had posted a 2% rise in first-quarter underlying revenue and maintained its 2026 outlook, despite geopolitical and macroeconomic uncertainties, as it banks on higher volumes and price increases.

Elliott also holds stakes in BP BP.L and the London Stock Exchange Group LSEG.L, where it has pushed for buybacks and operational improvements.

($1 = 0.7448 pounds)