Deals
Singer’s Elliott Builds Hella Stake in Bet on New Faurecia Offer
- Step comes even though Faurecia CEO said no such move needed
- German parts maker gains amid hedge fund’s stake building
Paul Singer
Photographer: Chris Ratcliffe/Bloomberg
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Paul Singer’s Elliott Investment Management LP has emerged with a holding of nearly 6.6% of voting shares in Hella GmbH & Co., amid hopes that French rival Faurecia SA will make another offer to remaining shareholders in the German car-parts maker.
Singer holds the voting rights via shares and instruments, according to a filing Monday. The move is a bet the French company will seek a so-called domination agreement with its German target, according to people familiar with the matter.