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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.
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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.
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