The U.S. activist hedge fund was not among the December 2019 year-end list of shareholders at any of the Hyundai companies it targeted, the Korea Economic Daily reported, citing an unidentified investment banking source.
A Seoul-based representative for the fund declined to comment. Hyundai Motor also declined to comment.
Elliott held more than $1 billion worth of shares in Hyundai Motor, Kia Motors and Hyundai Mobis, an Elliott unit said in April 2018.
Its efforts to shake up the family-run conglomerate had some success when a 2018 Hyundai-backed shareholder vote on a restructuring proposal, seen aimed at aiding the handing of the group's reins to heir apparent Euisun Chung, was cancelled.
But in March 2019, the companies' shareholders rejected Elliott's demands for 7 trillion won (4.72 billion pounds) in one-off dividend payments and seats on the boards of Hyundai Motor and Hyundai Mobis.
"From Hyundai Motor's perspective, Elliott kept talking about excess capital and asking for dividends, a lot of money. But the company rejected it by insisting it has a lot of investment needs," said Lee Han-joon, analyst at KTB Investment & Securities.
"I'm sure they will breathe a little easier as Elliott leaves.. they will have more room to utilise capital," Lee said.
A recent recovery in the share prices of the Hyundai firms may have influenced the move, the newspaper said, citing the source.
(Reporting by Joyce Lee; Editing by Edwina Gibbs)
By Joyce Lee