Hyundai Motor Group companies' shareholders rejected on Friday Elliott Mana...
SEOUL - Hyundai Motor Group companies’ shareholders rejected on Friday Elliott Management’s demands for a massive special dividend and board seats, dealing a blow to the U.S. hedge fund’s campaign to shake up South Korea’s second-biggest family-run conglomerate.
But activist investor Paul Singer’s $34 billion fund failed to convince other shareholders on Friday that the group should pay out excess cash and bring in more independent directors to improve governance and accountability. As of November, Elliott held more than 2.5 percent of common stock in Hyundai Mobis, 3 percent in Hyundai Motor and 2.1 percent in affiliate Kia Motors.BIGGER CHALLENGE
Elliott said it is “encouraged” by shareholder support for its proposals. “We are confident that the future holds further improvements at Hyundai,” an Elliott spokesman said in a statement.
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