Elliott Set for $500 Million Gain From Toyota Industries Fight

Elliott Investment Management is set to make around $500 million from its months-long tussle with Japan’s powerful Toyota group, according to Bloomberg calculations.

The US hedge fund agreed to tender its shares in Toyota Industries Corp. after a group led by business magnate Akio Toyoda — the grandson of Toyota Motor Corp.’s founder — raised its offer for the company for a second time.

That brought an end to a high-profile battle between one of the world’s best-known activist funds and a company that is virtually synonymous with Japan Inc. Toyota had argued the deal would unwind cross-shareholdings and make ...