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September 10, 2019
NEW YORK (AP) — Activist hedge fund manager Elliott Management is making a new $3.2 billion investment in AT&T, saying the company could be valued at more than $60 a share by 2021's end.
Elliott sent a letter to AT&T's board saying it should look into divesting assets like DirecTV and its Mexican wireless operations. Elliott said it has identified opportunities for more than $10 billion in savings, but that its plan represents $5 billion in cost cuts.
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