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Elliott's Singer raises stake in Germany's Hella to more than 10%

Elliott's Singer raises stake in Germany's Hella to more than 10%
Elliott's Singer raises stake in Germany's Hella to more than 10%   -   Copyright  Thomson Reuters 2021   -  
By Reuters

<div> <p><span class="caps">FRANKFURT</span> – Paul Singer, who leads activist fund Elliott, has increased his stake in German automotive lighting group Hella, which is being taken over by French car parts maker Faurecia, to more than 10%, according to filings.</p> <p>Singer’s stake, consisting of voting rights attached to shares and instruments, now stands at 10.75%, the filings show.</p> <p>Faurecia earlier this weeks said it is not planning at this stage to make a new offer for minority shareholders in Hella after Singer’s involvement was first made public.</p> <p>Faurecia, which won a takeover battle for Hella earlier this year, will own 79.5% Hella’s shares after its takeover offer for outstanding shares ended on Nov. 11 – below the 90% threshold it would need to delist the company.</p> <p/> </div>