SEOUL: A unit of US activist hedge fund Elliott Management revealed that it holds more than US$1bil worth of shares in key affiliates of South Korea’s Hyundai Motor Group and called for more rapid reform of the auto giant’s governance.
It is Elliott’s latest challenge to South Korea’s family-run conglomerates after it forced Samsung Electronics Co Ltd to increase shareholder returns in 2017, and comes amid a government campaign to boost investors’ power in a country where shareholder activism is rare.
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