Adds details from Bloomberg report and background from paragraph 2

June 15 (Reuters) - Activist investor Elliott Investment Management has taken a stake of nearly 5% in business supplies distributor Bunzl BNZL.L, Bloomberg News reported on Monday, citing people familiar with the matter.

Elliott is pushing the British group to buy back shares worth up to 10% of its market capitalisation over the next 12 months and conduct a strategic review focused on its North American business, according to the report.

The reported stake would make Elliott among the top shareholders in Bunzl, according to LSEG data.

Elliott and Bunzl did not immediately respond to Reuters' request for comment on the report.

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.

Elliott has noted that a separation of Bunzl's North America unit could lift the group's valuation closer to peers, the report added.