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Elliott Adds Steel to European Bets on Coffee, Property, Telcos

  • Germany’s Thyssenkrupp is Elliott’s latest European target
  • Whitbread rose Tuesday on report it received approach on Costa
Industrial Pipe Production At Severstal's Izhora Pipe Mill
Photographer: Andrey Rudakov/Bloomberg

Billionaire Paul Singer’s Elliott Management Corp. has set its sights on German steel and engineering giant Thyssenkrupp AG, showing that Europe is still on the activist investor’s radar.

Elliott is building a stake in the German company and would like to replace Chief Executive Officer Heinrich Hiesinger, according to people familiar with the matter. The hedge fund may cross the threshold for public disclosure of 3 or 5 percent in coming weeks, they said.