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Hyundai pulls ownership reshuffle under fire from activist fund

Elliott Management fought proposal at group after investing over $1bn

South Korea's fair trade watchdog welcomed Hyundai Motor group's plan to streamline internal capital ties, but investors disagreed.   © Reuters

SEOUL -- A Hyundai Motor autoparts unit has withdrawn a restructuring plan that would give it effective control of the South Korean conglomerate, the supplier said Monday, after a small group of international investors criticized the terms as skewed toward the founding family.

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