SEOUL – Hyundai Motor Co <005380.KS> shares extended their rally on Tuesday, rising nearly 9 percent on hopes the automaker and its affiliates will be restructured.
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Market speculation is that activist hedge fund Elliott Management Corp may have bought a share in Hyundai Motor, South Korea's top automaker, analysts said. Elliott did not immediately comment.
Hyundai Motor shares rose to their highest level since May 13, 2015.
Its affiliates, Kia Motors Corp <000270.KS> and Hyundai Mobis Co Ltd <012330.KS>, climbed more than 4 percent.
(Reporting by Hyunjoo Jin, Dahee Kim and Se Young Lee; Editing by Stephen Coates)