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Paul Singer’s Toyota Campaign Tests the Limits of Japan’s Corporate Tradition

Paul Singer’s campaign against Toyota reshaped a $43 billion takeover of Toyota Industries and exposed tensions in Japan’s corporate governance.

Paul Singer, the hedge fund billionaire founder of Elliott Investment Management, is known for ousting Jack Dorsey from Twitter (now X) and for seizing an Argentine naval vessel to recover billions in sovereign debt. But orchestrating this week’s sale of a 7.1 percent stake in Japan’s Toyota Industries as part of a roughly $43 billion takeover may prove one of his most consequential victories yet.

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Singer, 81, pushed Akio Toyoda, the grandson of Toyota founder Kiichiro Toyoda and the current chairman of Toyota Motor, to raise his offer for Toyota Industries, ultimately extracting a 26 percent premium over the initial bid last summer. The higher price is expected to deliver Elliott roughly $500 million in profit on its stake.

The headline-grabbing transaction is also being heralded as one of........

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