Hyundai Motor Group on Tuesday rejected demands by U.S. activist investor Elliot...
SEOUL - Hyundai Motor Group on Tuesday rejected demands by U.S. activist investor Elliott Management for a combined 7 trillion won dividend payout and new board members, complicating efforts to revamp South Korea’s second-biggest conglomerate.
Elliott, which was not immediately available for comment, had proposed a 2018 dividend of 4.5 trillion won for Hyundai Motor and 2.5 trillion won for auto parts supplier Hyundai Mobis, according to regulatory filings and sources.Hyundai Motor and Hyundai Mobis will hold separate annual shareholders’ meetings on March 22, when shareholders have a chance to vote on the respective proposals made by the companies and Elliott.
Hyundai Motor Group is expected to come up with a revised restructuring plan, which is expected to be put to a vote at an extraordinary shareholders’ meeting in April or May, experts said. Hyundai Mobis also said it would “undermine its future competitiveness” as it needs to invest more than 4 trillion won to develop new vehicles over the next three years.
It said it will appoint former Opel Chief Executive Karl-Thomas Neumann, and Brian Jones, co-president at Archegos Capital Management, as outside board directors.
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