Elliott Management is keeping busy, using the time it’s saved by Argentina’s refusal to negotiate to launch a new activist campaign.
Elliott, which has been pushing for talks with Argentina to settle its 2001 default to no avail, has taken a 2% stake in EMC Corp. The hedge fund wants the Hopkinton, Mass.-based data-storage company to spin off its VMware Inc. subsidiary, which it says is being harmed by EMC’s performance.
Elliott spent more than $1 billion on the stake, which makes it EMC’s fifth-largest shareholder.
EMC said it is “always happy to meet with our shareholders.”