Filing Details
- Accession Number:
- 0001013594-16-001338
- Form Type:
- 13D Filing
- Publication Date:
- 2016-12-08 17:26:26
- Filed By:
- Elliott Associates, L.p.
- Company:
- Howmet Aerospace Inc. (NYSE:HWM)
- Filing Date:
- 2016-12-08
- SEC Url:
- 13D Filing
Ownership Summary
Please notice the below summary table is generated without human intervention and may contain errors. Please refer to the complete filing displayed below for exact figures.
Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
---|---|---|---|---|---|---|
Elliott Associates | 13,503,039 | 0 | 13,503,039 | 0 | 13,503,039 | 3.1% |
Elliott International | 0 | 28,693,961 | 0 | 28,693,961 | 28,693,961 | 6.5% |
Elliott International Capital Advisors Inc | 0 | 28,693,961 | 0 | 28,693,961 | 28,693,961 | 6.5% |
Filing
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
(RULE 13D - 101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO 13d-2(a)
(Amendment No. 5)*
Arconic Inc.
(Name of Issuer)
Common Stock, $1.00 par value
(Title of Class of Securities)
03965L100
(CUSIP Number)
Christopher P. Davis, Esq.
Kleinberg, Kaplan, Wolff & Cohen, P.C.
551 Fifth Avenue, New York, New York 10176
(212) 986-6000
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
December 6, 2016
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box [ ].
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
1. | NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) |
Elliott Associates, L.P. | |
2. | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP |
(a) [x] | |
(b) [ ] | |
3. | SEC USE ONLY |
4. | SOURCE OF FUNDS |
WC | |
5. | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] |
6. | CITIZENSHIP OR PLACE OF ORGANIZATION |
Delaware | |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: | |
7. | SOLE VOTING POWER |
13,503,039 | |
8. | SHARED VOTING POWER |
0 | |
9. | SOLE DISPOSITIVE POWER |
13,503,039 | |
10. | SHARED DISPOSITIVE POWER |
0 | |
11. | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
13,503,039 | |
12. | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] |
13. | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
3.1% | |
14. | TYPE OF REPORTING PERSON |
PN |
1. | NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) |
Elliott International, L.P. | |
2. | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP |
(a) [x] | |
(b) [ ] | |
3. | SEC USE ONLY |
4. | SOURCE OF FUNDS |
WC | |
5. | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] |
6. | CITIZENSHIP OR PLACE OF ORGANIZATION |
Cayman Islands, British West Indies | |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: | |
7. | SOLE VOTING POWER |
0 | |
8. | SHARED VOTING POWER |
28,693,961 | |
9. | SOLE DISPOSITIVE POWER |
0 | |
10. | SHARED DISPOSITIVE POWER |
28,693,961 | |
11. | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
28,693,961 | |
12. | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] |
13. | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
6.5% | |
14. | TYPE OF REPORTING PERSON |
PN |
1. | NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) |
Elliott International Capital Advisors Inc. | |
2. | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP |
(a) [x] | |
(b) [ ] | |
3. | SEC USE ONLY |
4. | SOURCE OF FUNDS |
OO | |
5. | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] |
6. | CITIZENSHIP OR PLACE OF ORGANIZATION |
Delaware | |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: | |
7. | SOLE VOTING POWER |
0 | |
8. | SHARED VOTING POWER |
28,693,961 | |
9. | SOLE DISPOSITIVE POWER |
0 | |
10. | SHARED DISPOSITIVE POWER |
28,693,961 | |
11. | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
28,693,961 | |
12. | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] |
13. | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
6.5% | |
14. | TYPE OF REPORTING PERSON |
CO |
The following constitutes Amendment No. 5 to the Schedule 13D filed by the undersigned ("Amendment No. 5"). This Amendment No. 5 amends the Schedule 13D as specifically set forth herein.
Item 3. | Source and Amount of Funds or Other Consideration. |
Item 3 is hereby amended and restated to read as follows:
Elliott Working Capital | The aggregate purchase price of the shares of Common Stock directly owned by Elliott is approximately $238,065,244. The aggregate purchase price of the call options owned by Elliott is approximately $1,611,840. | |
Elliott International Working Capital | The aggregate purchase price of the shares of Common Stock directly owned by Elliott International is approximately $505,855,095. The aggregate purchase price of the call options owned by Elliott International is approximately $3,425,160. |
Item 4. | Purpose of Transaction. |
The final paragraph of Item 4 is hereby amended and restated to read as follows:
This Schedule 13D is being amended as a result of an increase in the Reporting Persons' combined economic exposure from approximately 10.0% to approximately 11.1%. The Reporting Persons believe that following the recently completed separation, the Issuer's shares are dramatically undervalued and represent an attractive investment opportunity. The Reporting Persons intend to engage in private discussions with the Issuer regarding opportunities to improve operating performance and enhance shareholder value consistent with the terms of the agreement between the Reporting Persons and the Issuer dated February 1, 2016.
Item 5. | Interest in Securities of the Issuer. |
Item 5(a) is hereby amended and restated to read as follows:
(a) As of the date hereof, Elliott, Elliott International and EICA collectively have combined economic exposure in the Issuer of approximately 11.1% of the shares of Common Stock outstanding.
The aggregate percentage of Common Stock reported owned by each person named herein is based upon 438,478,283 shares of Common Stock outstanding as of November 7, 2016, which is the total number of shares of Common Stock outstanding as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 9, 2016.
As of the date hereof, Elliott beneficially owned 13,503,039 shares of Common Stock, including 1,488,960 shares of Common Stock underlying currently exercisable options, constituting approximately 3.1% of the shares of Common Stock outstanding.
As of the date hereof, Elliott International beneficially owned 28,693,961 shares of Common Stock, including 3,164,040 shares of Common Stock underlying currently exercisable options, constituting approximately 6.5% of the shares of Common Stock outstanding. EICA, as the investment manager of Elliott International, may be deemed to beneficially own the 28,693,961 shares of Common Stock beneficially owned by Elliott International, constituting approximately 6.5% of the shares of Common Stock outstanding.
Collectively, Elliott, Elliott International and EICA beneficially own 42,197,000 shares of Common Stock, including 4,653,000 shares of Common Stock underlying currently exercisable options, constituting approximately 9.6% of the shares of Common Stock outstanding.
Collectively, Elliott, Elliott International and EICA have economic exposure comparable to approximately 1.4% of the shares of Common Stock outstanding pursuant to the Derivative Agreements, as disclosed in Item 6.
Item 5(c) is hereby amended to add the following:
(c) The transactions effected by the Reporting Persons since Amendment No. 4 to the Schedule 13D are set forth on Schedule 1 attached hereto.
Item 6. | Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer. |
Item 6 is hereby amended and restated to read as follows:
Elliott, through The Liverpool Limited Partnership, a Bermuda limited partnership and a wholly-owned subsidiary of Elliott ("Liverpool"), and Elliott International have entered into notional principal amount derivative agreements (the "Derivative Agreements") in the form of cash settled swaps with respect to 2,007,680 and 4,266,320 shares of Common Stock of the Issuer, respectively (representing economic exposure comparable to less than 1% and less than 1% of the shares of Common Stock of the Issuer, respectively). Collectively, the Derivative Agreements held by the Reporting Persons represent economic exposure comparable to an interest in approximately 1.4% of the shares of Common Stock. The Derivative Agreements provide Elliott and Elliott International with economic results that are comparable to the economic results of ownership but do not provide them with the power to vote or direct the voting or dispose of or direct the disposition of the shares that are referenced in the Derivative Agreements (such shares, the "Subject Shares"). The Reporting Persons disclaim beneficial ownership in the Subject Shares.
Elliott has purchased from counterparties call options that carry the right to call from such counterparties, among other things, up to 1,488,960 shares of Common Stock at a price of $11 per share, if such right is exercised prior to or on April 21. 2017.
Elliott International has purchased from counterparties call options that carry the right to call from such counterparties, among other things, up to 3,164,040 shares of Common Stock at a price of $11 per share, if such right is exercised prior to or on April 21, 2017.
On November 23, 2015, Elliott, Elliott International and EICA entered into a Joint Filing Agreement (the "Joint Filing Agreement") in which the parties agreed to the joint filing on behalf of each of them of statements on Schedule 13D with respect to the securities of the Issuer to the extent required by applicable law. The Joint Filing Agreement is attached as an exhibit to the initial Schedule 13D and is incorporated herein by reference.
Except as described above in this Item 6, none of the Reporting Persons has any contracts, arrangements, understandings or relationships with respect to the securities of the Issuer.
SIGNATURES
After reasonable inquiry and to the best of its knowledge and belief, each of the undersigned certifies that the information with respect to it set forth in this statement is true, complete, and correct.
Dated: | December 8, 2016 |
ELLIOTT ASSOCIATES, L.P. | |||
By: Elliott Capital Advisors, L.P., as General Partner | |||
By: Braxton Associates, Inc., as General Partner | |||
By: | /s/ Elliot Greenberg | ||
Elliot Greenberg, | |||
Vice President | |||
ELLIOTT INTERNATIONAL, L.P. | |||
By: Elliott International Capital Advisors Inc., | |||
as Attorney-in-Fact | |||
By: | /s/ Elliot Greenberg | ||
Elliot Greenberg, | |||
Vice President | |||
ELLIOTT INTERNATIONAL CAPITAL ADVISORS INC. | |||
By: | /s/ Elliot Greenberg | ||
Elliot Greenberg, | |||
Vice President |
SCHEDULE 1
Transactions of the Reporting Persons Effected Since the Filing of Amendment No. 4 to the Schedule 13D.
The following transactions were effected by Elliott Associates, L.P. in the Common Stock:
Date | Security | Amount of Shs. Bought | Approx. price ($) per Share |
01-Dec-2016 | Common Stock | 160,000 | 19.4980 |
01-Dec-2016 | Common Stock | 397,411 | 19.5326 |
29-Nov-2016 | Common Stock | 32,000 | 19.6241 |
29-Nov-2016 | Common Stock | 48,000 | 19.6110 |
29-Nov-2016 | Common Stock | 130,589 | 19.6035 |
29-Nov-2016 | Common Stock | 32,000 | 19.6000 |
15-Nov-2016 | Common Stock | 19 | 19.2600 |
All of the above transactions were effected on the open market.
The following transactions were effected by Elliott International, L.P. in the Common Stock:
Date | Security | Amount of Shs. Bought | Approx. price ($) per Share |
01-Dec-2016 | Common Stock | 340,000 | 19.4980 |
01-Dec-2016 | Common Stock | 844,499 | 19.5326 |
29-Nov-2016 | Common Stock | 68,000 | 19.6000 |
29-Nov-2016 | Common Stock | 68,000 | 19.6241 |
29-Nov-2016 | Common Stock | 277,501 | 19.6035 |
29-Nov-2016 | Common Stock | 102,000 | 19.6110 |
15-Nov-2016 | Common Stock | 39 | 19.2600 |
All of the above transactions were effected on the open market.