KEY TAKEAWAYS Honeywell International shares jumped Tuesday to an all-time high, after Elliott Investment Management said it has built a $5 billion-plus position in the industrials conglomerate and is seeking a breakup of the company.

Activist investor Elliott Investment Management has taken a more than $5 billion stake in Honeywell International and is calling for the industrial conglomerate to split into two separate companies. In a letter sent to Honeywell's board,

The push comes as new Honeywell CEO Vimal Kapur has led an aggressive repositioning with mergers, acquisitions and spinoffs.

Activist investor Elliott Investment Management has built a $5 billion-plus position in industrials giant Honeywell International Inc., according to people with knowledge of the matter.

Honeywell's stock rallied as much as 7.8% into record territory for the first time in three years, after activist investor Elliott Investment Management disclosed a more than $5 billion stake, but then pulled back.

An activist investor with a $5 billion stake in Honeywell International Inc. is calling for the company to separate its aerospace and automation divisions into separate businesses, stating it would unlock additional shareholder value and improve its performance when compared with industry peers.

Activist investor Elliott Investment Management said Honeywell should split into two separate businesses on Tuesday, following in the footsteps of other industrial conglomerates that have broken up in recent years.