BERLIN (Reuters) - Hedge fund Elliott said on Thursday it saw room for significant improvement at Thyssenkrupp (DE:TKAG), confirming it had taken a stake in the German industrial group.
Shareholders in the German firm have been growing about the time it is taking CEO Heinrich Hiesinger to sell a legacy steel business into a joint venture, a move aimed at revealing the value of Thyssenkrupp's higher-tech businesses.
"Elliott believes Thyssenkrupp has significant scope for operational improvement which would benefit all stakeholders and looks forward to engaging in a constructive dialogue with them in the near future, including with the supervisory and management boards," it said in a statement.
It confirmed it had taken a stake in Thyssenkrupp, but said that as of Thursday this did not exceed the 3 percent threshold for mandatory disclosure.
Activist investor Cevian also holds about 18 percent in Thyssenkrupp, which makes everything from chemical plants and car parts to submarines and steel.
Elliott has stepped up its activities in Europe this year, a Reuters review of data showed, with sources saying it sees a chance in a region where activist funds are less present.
In Germany, it has also taken a stake in energy company Uniper (DE:UN01) and machinery maker GEA Group (DE:G1AG) .
Thyssenkrupp, which is due to give a strategy update in July, declined to comment on Thursday.
