Elliott incorrectly rumored to have bought Hyundai Motor stake

Market reports that U.S. activist hedge fund Elliott Management has obtained a stake in South Korea’s Hyundai Motor are not correct, a person knowledgeable about the matter told Reuters on Tuesday.

Hyundai shares increased 8.6 percent on Tuesday after reaching their highest level in 22 months on hopes that the wider Hyundai Motor Group will restructure its ownership structure in addition to on rumors that Elliott had obtained a stake.