Elliott Management Takes 6.5% In Alcoa, Supports Break-Up

Alcoa Paul Singer’s Elliott Management has taken a 6.5% stake in Alcoa according to the fund’s Schedule 13D, as filed with the SEC today. Several news outlets are reporting that Elliott is seeking “constructive dialog” with Alcoa’s management following the acquisition of the stake. According to Bloomberg, Elliott informed Alcoa’s management that the fund was acquiring an interest in the business shortly after the group announced its intentions to separate its Upstream and Value-Add businesses. According to CNBC, Elliott Management supports Alcoa’s decision to split in two but the fund is concerned about Alcoa’s plan to deliver margin improvement of 700 basis points….