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Elliott challenges Hyundai Motor for bigger shareholder returns

US fund steps up activity in South Korea after pressuring Samsung

Elliott holds a 3% stake in Hyundai Motor as part of a $1 billion investment in three group companies.   © Reuters

SEOUL -- U.S. hedge fund Elliott is demanding that Hyundai Motor return 12 trillion won ($10.6 billion) to shareholders and implement sweeping reforms, the latest salvo in its campaign to force change at South Korea's largest automaker.

Elliott Management, one of the world's biggest activist funds, has written to directors of Hyundai Motor Group calling for urgent action to improve the group's corporate governance and performance.

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