(Reuters) – Hedge fund Elliott Management Corp disclosed a 6.4 percent stake in “undervalued” Alcoa Inc on Monday, sending the aluminum producer’s shares up as much as 6.3 percent. Elliott, run by activist investor Paul Singer, sees opportunities for Alcoa to improve its profit margins, a source familiar with the matter told Reuters.”Elliott advised (Alcoa) of their ownership of shares several weeks ago, shortly after we announced the separation of our upstream and value-add businesses,” Alcoa spokeswoman Monica Orbe told Reuters.
Elliott Management takes 6.4 percent stake in ‘undervalued’ Alcoa
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