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Rumors that hedge fund Elliott has bought Hyundai Motor stake not true - source

A worker fixes the Hyundai logo on a vehicle at a plant of Hyundai Motor in Asan, south of Seoul, February 9, 2012. REUTERS/Lee Jae-Won/File Photo

SEOUL (Reuters) - Market rumours that U.S. activist hedge fund Elliott Management Corp has acquired a stake in South Korea's Hyundai Motor Co are not true, a person familiar with the matter told Reuters on Tuesday.

Hyundai shares rose 8.6 percent on Tuesday after touching their highest level in 22 months on hopes that the broader Hyundai Motor Group will reorganise its ownership structure as well as on rumors that Elliott had acquired a stake.

(Reporting by Se Young Lee; Editing by Stephen Coates)