Seoul US activist fund Elliott Management said it will vote against Hyundai Motor Groups (Hyundai) restructuring plan and urged other shareholders to reject the proposal to reform South Koreas second-largest conglomerate.
A Hyundai executive responded that the proposed arrangements to simplify the vehicle makers complex ownership structure would not change and promised higher returns for shareholders. “Elliott is one of many people who express their opinions,” Cheong Jin-haeng, president of Hyundai, told reporters on the sidelines of an industry event.
Measures to boost investor returns would be laid out after a meeting on May 29 where shareholders will vote on the restructuring, he added.
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