Billionaire Singer-led activist fund Elliott accelerates attack on Hyundai Motors

Elliott's Paul Singer. Photo: Bloomberg

Elliott Management Corp., the activist fund headed by billionaire Paul Singer, stepped up its pressure on Hyundai Motor Group by saying the conglomerate’s planned 10.6 trillion won ($9.9 billion) merger of two units would shortchange minority shareholders and lacks business logic.

Instead, the U.S. fund proposed that Hyundai Motor Co. be merged with Hyundai Mobis Co. to form a holding company that would oversee the group, Elliott said in a presentation on Monday. It also said group units should return excess cash, raise dividends and cancel treasury shares.

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