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Elliott Poised to Take Thyssenkrupp Stake

(Reuters) Activist investor Elliott, which is currently stepping up its campaigns in Europe, is close to taking a stake in Thyssenkrupp (TKAG.DE), a source familiar with the matter said, increasing pressure on management to restructure the group.The Germany company’s CEO Heinrich Hiesinger, in the job since 2011, has already faced criticism from shareholders for being too slow to move Thyssenkrupp away from its steel-making roots and sharpen its focus on industrial goods. Swedish investment firm Cevian, Thyssenkrupp’s second-largest shareholder with about 18 percent, has been the most vocal critic of Hiesinger’s strategy, saying the company needs a more radical shake-up.

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