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Elliott Management cuts Hong Kong Bank stake as activist battle ends

Bank of East Asia, a Hong Kong-based lender, said 28 January it intends to pay up to the equivalent of about $373m to purchase all the shares held by US activist hedge fund Elliott Management in an off-market transaction.

Elliott has been retreating from Hong Kong, and had no representatives licensed by Hong Kong’s Securities and Futures Commission since the end of last year. The firm declined to comment on the transaction and its presence in the Asian financial hub.