Elliott Builds A$1 Billion Stake in Northern Star, Pushes Strategic Review

Elliott Investment Management LP has built a stake worth more than A$1 billion ($716 million) in Northern Star Resources Ltd. and is pressing Australia’s biggest gold miner to undertake a strategic review, including a potential sale. Northern Star shares rose 13.6% in Sydney on Tuesday, the biggest jump in more than six years, after the activist position was disclosed.

Northern Star, which had a market capitalization of A$26.5 billion as of Monday, said it welcomed the opportunity for constructive dialog with Elliott. Elliott is also pushing for leadership changes at the company.