Mexican Media Brands
Report Says Hedge Fund Didn’t Buy Stake in Hyundai
New York City-based hedge fund Elliott Management Corp. has not acquired equity in Hyundai Motor Co., a source tells Reuters.
#economics
Share
New York City-based hedge fund Elliott Management Corp. has not acquired equity in Hyundai Motor Co., a source tells Reuters.
Market rumors to the contrary surfaced earlier this week, helping to push Hyundai’s share price up 9%, its biggest one-day gain since August 2011. The stock price also was buoyed by hopes that Hyundai would reorganize its ownership structure, according to Reuters.
Elliott Management has been described as a “vulture fund,” meaning one that invests in distressed securities.
Hyundai has been struggling with softening sales and four years of declining profits. Analysts opine that restructuring would unlock significant value. But Chung Mong-koo, Hyundai’s 78-year-old chairman, has made no effort to do so—or turn over power to his son Chung Eui-sun.
RELATED CONTENT
-
Ford’s $42 Billion Cash Cow
F-Series pickups generate about 30% of the carmaker’s revenue. The tally is about twice as much as what McDonald’s pulls in.
-
On Lincoln-Shinola, Euro EV Sales, Engineered Carbon, and more
On a Lincoln-Shinola concept, Euro EV sales, engineered carbon for fuel cells, a thermal sensor for ADAS, battery analytics, and measuring vehicle performance in use with big data
-
Porsche Doubles EV Target for 2025
Porsche AG says about half the vehicles it sells by 2025 will be equipped with hybrid or all-electric powertrains, twice the ratio it forecast four weeks ago.