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Business deals

Activist fund Elliott takes hit and exits Hyundai Motor

Divestment of South Korean automaker cost $430m: local media

In response to Elliott's demand, Hyundai Motor increased spending on research and development activities and mergers and acquisitions.    © Reuters

SEOUL -- Activist investor Elliott Management has sold all its shareholdings in South Korea's Hyundai Motor Group, local media outlets reported Thursday.

The U.S. activist hedge fund bought 3% in Hyundai Motor in early 2018 and small stakes in the company's subsidiaries Kia Motors and auto parts maker Hyundai Mobis. It had since pressured the group to increase dividend payouts, buy back shares and spend more to grow.

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