Whitbread share price: Elliot builds up stake in company

BRITAIN-ECONOMY-RETAIL-COMPANY-COSTA

BRITAIN-ECONOMY-RETAIL-COMPANY-COSTA

The Times meanwhile reports that according to City sources, Elliott is pushing for Whitbread to spin off Costa through a float in an effort to create as much as £3 billion of additional value.

A unit of United States activist hedge fund Elliott Management how holds a six-percent stake in Whitbread (LON:WTB), Reuters has reported.

Reuters reported over the weekend that Elliott Advisors how held over six percent in Whitbread, with the move turning the hedge fund into the blue-chip company's biggest shareholder.

A spokeswoman for Whitbread declined to comment.

Elliott Advisors is the second activist investor to build a substantial shareholding in Whitbread, which also owns Beefeater and Brewers Fayre brands as well as restaurants Thyme, Bar + Block and Table Table.

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Splitting Costa Coffee and Premier Inn would take Whitbread less than five months and would cost less than £20 million, its largest shareholder is said to believe.

Alpesh Patel, chief executive of Praefinium Partners, the investment company, said he did not think a break up of Whitbread was inevitable.

That sparked a near 7% jump in Whitbread's share price on Monday to £41.97, the highest the stock has been in almost a year.

Unlike Sachem Head, however, Elliott does not want Premier Inn to sell its properties.

It is also pressing BHP Billiton to get rid of the mining giant's dual listing structure.

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