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 […]

Elliott Management calls for fresh restructuring at Hyundai Motor Group

Elliott Management

U.S. activist hedge fund Elliott Management made new propositions to restructure Hyundai Motor Group on Friday, renewing pressure on the South Korean conglomerate months after forcing it to abandon its own strategy. Elliott, which owns $1.5 billion worth of shares in three Hyundai group companies, called for a committee to evaluate its proposals with other […]

Elliott Management set to vote against Hyundai restructuring plan

Elliott Management

U.S. activist fund Elliott Management has stated it will vote against Hyundai Motor Group’s restructuring plan and prompted other shareholders to decline the proposal to reform South Korea’s second-largest conglomerate. A Hyundai Motor Group executive replied that the proposed arrangements to simplify the carmaker’s complex ownership structure would not modify and promised higher returns for […]

South Korea antitrust chief calls Elliott’s Hyundai demand “inappropriate”

Hyundai Tuscon images

South Korea’s antitrust chief on Thursday stated U.S. activist fund Elliott Management’s proposal for Hyundai Motor Group to embrace a holding company structure was “inappropriate” and, if applied, would be in infraction of antitrust law. The proposal consists of Hyundai’s financial subsidiaries that comes under the ownership of a non-financial entity, which is restricted by […]

Hyundai to communicate shareholders and investors for restructuring plan

Hyundai Sonata seoul south korea

Hyundai Motor stated it would keep communicating with shareholders and investors, including Elliott Management, regarding its proposed restructuring plan. “Hyundai Motor Group will keep communicating with shareholders and investors across the world, including Elliott Management, to describe the underlying goal and requirements of the proposed restructuring plan,” it stated on Monday. U.S. activist hedge fund […]