Elliott Purchases Stake in Germany's Thyssenkrupp

Elliott Management Corp. is building a stake in German engineering giant Thyssenkrupp AG and would like to replace the company’s Chief Executive Officer Heinrich Hiesinger, according to people familiar with the matter. Elliott’s presence at Thyssenkrupp would add pressure for a radical overhaul of the company, which has already faced criticism from Cevian Capital, the second-largest investor, for its complicated business structure spanning submarines and elevators. Since Hiesinger took the helm in January 2011, Thyssenkrupp shares have lost about 30 percent.