SEOUL: Elliott Management Corp on Wednesday urged shareholders of a Hyundai Motor Group firm to vote for its proposal for higher dividends and new board members, a day after the South Korean conglomerate rejected demands by the U.S. activist investor.
The companies also rejected Elliot's call for new board and audit members. Investors of Hyundai Motor and Hyundai Mobis will decide which proposals to support at their respective general shareholders meetings on March 22. "We are ... asking today for all shareholders to support these landmark resolutions, which are designed to both transform governance and right-size the company's overcapitalized balance sheet," Elliott's letter to Hyundai Mobis shareholders says.Hyundai Motor and Hyundai Mobis shares finished up 5.3 percent and 3.
Elliott had proposed a 2018 dividend of 4.5 trillion won for Hyundai Motor and 2.5 trillion won for auto parts supplier Hyundai Mobis, but the companies rejected the proposals, saying the plans would undermine their future competitiveness.
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