Elliott Confirms Alcoa Stake, Supports Plans to Split Company
- Fund discloses 6.4 percent stake in aluminum producer
- Elliott says it seeks `constructive dialogue' with Alcoa
Rolled aluminum at the Alcoa Inc. Davenport Works facility in Riverdale, Iowa.
Photographer: Daniel Acker/BloombergThis article is for subscribers only.
Normally when an activist investor shows up on a shareholder register it comes with a set of ultimatums. Not with Alcoa Inc., where the arrival of Paul Singer’s Elliott Management Corp. was seen as an endorsement.
Alcoa was the best performer among major metal and mining shares on Monday as Elliott disclosed a 6.4 percent shareholding, saying Chief Executive Officer Klaus Kleinfeld’s plan to split the company in two would “create value substantially above the current share price.”