Hyundai declines Elliott’s payout call, shares increase ahead of showdown meeting

Elliott Management

Hyundai Motor Group on Tuesday declined demands by U.S. activist investor Elliott Management for a 7 trillion won ($6.3 billion) dividend payout and new board members, complicating attempts to renovate South Korea’s second-biggest conglomerate. Opposition from Elliott led Hyundai to ditch an attempt to overhaul its ownership structure in 2018, and Executive Vice-Chairman Euisun Chung […]

Hyundai set for Elliott showdown as it declines $6.3 billion payout call

Elliott Management

Hyundai Motor on Tuesday declined demands by U.S. activist investor Elliott Management for a total 7 trillion won ($6.3 billion) dividend payout and new board members, complicating attempts to renovate South Korea’s second-biggest conglomerate. Opposition from Elliott led Hyundai to drop a previous attempt to restructure its ownership structure and executive vice-chairman Euisun Chung pledged […]

South Korean prosecutors raid Hyundai’s office in recall investigation

All new Hyundai Santa Fe

South Korean prosecutors on Wednesday raided the office of Hyundai Motor’s quality division located in southern Seoul as part of an investigation into how the automaker and affiliate Kia Motors managed vehicle recalls over engine defects, Chosun Biz reported. In 2017, South Korean civic group YMCA submitted a complaint with prosecutors accusing the automakers delayed […]

Hyundai observes Russia auto market growth slowing in next year

Hyundai i10 images

South Korea-based automaker Hyundai Motor expects growth in the Russian auto market to reduce significantly in 2019, the head of its Russian branch said on Monday. Automakers have warned Russia’s strategy to raise value added tax in next year would hit vehicle sales, which have recently just started to recover from four years of stagnation. […]