The showdown between U.S. activist hedge fund Elliott Management and Hyundai Mot...
SEOUL - The showdown between U.S. activist hedge fund Elliott Management and Hyundai Motor Group is set to come to a head on Friday when shareholders gather to vote on the fund’s demands for a hefty special dividend and a board shake-up.
The activist fund founded by billionaire Paul Singer tasted success last year when it and other investors opposed Hyundai’s ownership restructuring plan on the basis that it would favor family members rather than minority shareholders. That is more than six times higher than the $1 billion in payouts offered by the Hyundai affiliates, which say Elliott’s proposals would hamper future investments and acquisitions.
The campaign received a potentially fatal blow last week when South Korea’s National Pension Service, the second-biggest shareholder in the two firms, said Elliott’s demands were “excessive”. Some investors remain deeply troubled by that decision and want to see change at the conglomerate, even if they are not ready to support Elliott’s proposals.
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