25 NOVEMBER 2015Seekingalpha.com
Alcoa +4.5% after confirming Elliott stake, support of plan to split company
Edited by : AL CIRCLE
1 min read
Alcoa continues to rally following confirmation that Paul Singer’s Elliott Management bought a 6.4% stake in the company, which says it has had "constructive discussions" with Elliott.
The activist firm also supports Alcoa's planned spinoff next year, announced in September, of downstream assets into a separate company.
“It’s obviously a vote of confidence from a firm that is steeped in strategic actions,” Sterne Agee CRT analyst tells Bloomberg.
Elliott's stake makes it the second-biggest shareholder in the company after Vanguard Group, which had an 8.21% stake as of September 30.
The activist firm also supports Alcoa's planned spinoff next year, announced in September, of downstream assets into a separate company.
“It’s obviously a vote of confidence from a firm that is steeped in strategic actions,” Sterne Agee CRT analyst tells Bloomberg.
Elliott's stake makes it the second-biggest shareholder in the company after Vanguard Group, which had an 8.21% stake as of September 30.
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