Elliott Management, the $US27 billion hedge fund let by Paul Singer, has taken a large stake in aluminium maker Alcoa.
According to CNBC’s David Faber, Elliott now holds a 6.5% stake in the company.
The stock was last trading up 2.9% at $US8.96 per share.
In late September, Alcoa said that it would split itself into two separate publicly traded companies — Upstream Company and Value-Add Company.
“The globally competitive Upstream Company will comprise five strong business units that today make up Global Primary Products — Bauxite, Alumina, Aluminium, Casting, and Energy,” Alcoa said.
“The innovation and technology-driven Value-Add Company will include Global Rolled Products, Engineered Products and Solutions, and Transportation and Construction Solutions.”
According to CNBC, Elliott supports the split.
We’ve reached out to Elliott for comment.
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