Billionaire activist Paul Singer has taken a big stake in Alcoa

Elliott Management, the $27 billion hedge fund let by Paul Singer, has taken a large stake in aluminum maker Alcoa.

According to CNBC's David Faber, Elliott now holds a 6.5% stake in the company.

The stock was last trading up 2.9% at $8.96 per share.

In late September, Alcoa said that it would split itself into two separate publicly traded companies- Upstream Company and Value-Add Company.

"The globally competitive Upstream Company will comprise five strong business units that today make up Global Primary Products - Bauxite, Alumina, Aluminum, Casting, and Energy," Alcoa said.

"The innovation and technology-driven Value-Add Company will include Global Rolled Products, Engineered Products and Solutions, and Transportation and Construction Solutions."

According to CNBC, Elliott supports the split.

We've reached out to Elliott for comment.