Highfields Capital seeks to boost stake in Alcoa to 8%

By Lisa Kerner

Charlotte, N.C., July 28 - Highfields Capital intends to acquire up to approximately 8% of Alcoa Inc.'s common shares, inclusive of the approximately 2% of Alcoa's common shares Highfields' affiliated funds already own.

The investor filed its intention under the Hart-Scott-Rodino Act and notified the Pittsburgh-based aluminum company.

"In the course of our meetings with major investors, we have met with the senior management of Highfields and believe we understand their views," Alcoa chief executive officer Klaus Kleinfeld said in a company news release.

"We are committed to generating shareholder value and have a detailed plan in place to deliver profitable growth, leverage the Alcoa advantage, and execute in a disciplined and rigorous manner," Kleinfeld added.

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