El­liott buys stake in Hyundai Mo­tor

India Business Journal - - GLOBAL WRAP-UP -

El­liott Man­age­ment Corp, the some­times-ac­tivist hedge fund run by bil­lion­aire Paul Singer, has said that it has bought more than $1-bil­lion stake in sev­eral Hyundai Mo­tor Group en­ti­ties and is calling for a clearer plan to im­prove op­er­a­tions. The New York-based hedge fund praised the au­to­mo­bile con­glom­er­ate for sim­pli­fy­ing its own­er­ship struc­ture last month af­ter draw­ing crit­i­cism from cor­po­rate-gov­er­nance ac­tivists for years. El­liott has called the moves a "first step" and said that it is look­ing for­ward to meet­ing with man­age­ment and stake­hold­ers about the group's is­sues.

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