Hyundai shareholders reject Elliott's US$6.2 billion dividend request

SEOUL: Investors in Hyundai Motor Group companies rejected on Friday Elliott Management's demands for a massive special dividend, dealing a blow to the U.S. hedge fund's campaign to shake up South Korea's second-biggest family-run conglomerate.

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 , saying the group should dispose of its excess capital. While it failed to win support for hefty dividend, even if it manages to gain a single seat at Hyundai it would be a major victory for shareholder empowerment in the country."Today’s AGM is never a place for a battle between Elliott and Hyundai Motor Group. a place to give an opportunity for all shareholders to ... set a new standard," Choi Joon-ho, a representative of Elliott, said at the Hyundai Mobis AGM in Seoul.

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