Its efforts to shake up the family-run conglomerate had some success when a 2018 Hyundai-backed shareholder vote on a restructuring proposal, seen aimed at aiding the handing of the group’s reins to heir apparent Euisun Chung, was canceled.
But in March 2019, the companies’ shareholders rejected Elliott’s demands for 7 trillion won in one-off dividend payments and seats on the boards of Hyundai Motor and Hyundai Mobis. “From Hyundai Motor’s perspective, Elliott kept talking about excess capital and asking for dividends, a lot of money. But the company rejected it by insisting it has a lot of investment needs,” said Lee Han-joon, analyst at KTB Investment & Securities.
“I’m sure they will breathe a little easier as Elliott leaves.. they will have more room to utilize capital,” Lee said. A recent recovery in the share prices of the Hyundai firms may have influenced the move, the newspaper said, citing the source.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Point72 hedge fund analyst training program and lateral hiring - Business InsiderThe $19 billion hedge fund manager puts young recruits through a 10-month program called the Academy before they start as analysts.
Weiterlesen »
Ray Dalio warns 'cash is trash' as Warren Buffett sits on $128 billion - Business InsiderThe founder of the world's biggest hedge fund argued a weaker dollar and growing money supply would erode the value of cash. Oh, but last year he mostly opened shorts and that's why his hedge fund underperformed the S&P500.
Weiterlesen »