Activist investor Elliott Management Corp on Monday unveiled a $3.2 billion stake in AT&T Inc and urged the sprawling U.S. telecommunications and media conglomerate to end its acquisition spree and focus on improving its business. The move makes AT&T, which has a market capitalization of $270 billion, one of the biggest companies to have been targeted by activist shareholders. The New York-based hedge fund, one of the world's most successful activists, wrote to Dallas-headquartered AT&T on Monday morning, sending a four-part proposal that it said could help lift its stock price by at least 60% by the end of 2021.

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