Investors in Hyundai Motor Group companies rejected on Friday Elliott Management...
SEOUL - Investors in Hyundai Motor Group companies 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.
Activist investor Paul Singer’s fund successfully led a campaign against Hyundai’s ownership restructuring plan last year, but 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. Elliott had been trying to rally shareholder support for dividend payouts from Hyundai Motor and Hyundai Mobis for 2018 worth a combined 7 trillion won .
Hyundai Motor and Hyundai Mobis proposed 2018 dividend payouts of about $1 billion, as the group vowed to spend its vast cash reserves on boosting returns through acquisitions and new technology such as self-driving cars.
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