PRODUCER NEWS - Elliott Management increases Alcoa exposure - SEC

Dalton Barkerdalton.barker@fastmarkets.comNorth American Correspondent+1 312 292-0942

Chicago 25/01/2016 - Hedge Fund Elliott Management Corp, which was founded and is controlled by activist investor Paul Singer, increased its stake in Alcoa to 7.4 percent from 6.3 percent, according to a SEC filing.

The hedge fund believes that Alcoa is "dramatically undervalued by the public market" and that the spin-off transaction recently announced by Alcoa's management will "create value substantially above the current share price".

Elliot referenced Alcoa's decision to separate its upstream and downstream business by the end of the second half of 2016.

Alcoa's share price rose nine cents or 1.3 percent to $6.96 on the New York Stock Exchange.

Three-month aluminium on the London Metal Exchange is currently trading at $1,475 per tonne.

(Editing by Tom Jennemann)

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