Last year, a big American hedge fund took aim at plans to revamp a part of Samsung, the South Korean giant that dominates many of its home country’s industries.

Though it lost that battle, the hedge fund now has its sights on the crown jewel of the Samsung empire.

Elliott Management proposed in a letter on Wednesday that Samsung essentially split its electronics business into two separate companies as part of a broader reshaping of the business.

It is one of the most ambitious efforts yet by a foreign investor to inject American-style activist investing into the world of Asian business, where families often retain control of huge publicly traded companies.