Activist hedge fund Elliott sells stakes in Hyundai Motor companies: paper

  • 📰 Reuters
  • ⏱ Reading Time:
  • 36 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 97%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

Elliott Management sold all its shares in Hyundai Motor Group companies last yea...

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

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.
Source: BusinessInsider - 🏆 729. / 51 Read more »

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.
Source: BusinessInsider - 🏆 729. / 51 Read more »