U.S.-based activist hedge fund Elliott Management once again pressured Hyundai Motor Group (HMG) to take bold and decisive action to remedy the underperformance of its major subsidiaries.In a letter sent to the automotive group, Elliott Advisors, a subsidiary of Elliott Management in Hong Kong, urge
The South Korean government has recently laid out plans to greatly relax regulations on private equity funds (PEFs). Under the proposed regulations, any form of PEFs will be able to participate in the management of the companies they have invested in, even when their stakes are less than 10 percent.
Hyundai Motor senior vice chairman Chung Eui-sun flew to the United States to address Washington’s move to impose tariffs on imported cars. He became the company’s senior vice chairman two days ago, and chose the U.S. as the destination of his first business trip after the promotion.He could not acc
Elliott Management, a US-based activist hedge fund, has filed an investor-to-state litigation (ISD) worthy of 865 billion won against the Korean government.The Korean government announced on July 13 that Elliott has submitted an application for arbitration, claiming that it he had suffered at least
With unfavorable factors at home and abroad, such as pressure on trade under Trump's presidency, weak domestic demand and labor strike, Hyundai Motor Co. is stepping backwards on the stock market. The company’s market cap, which once ranked second, has lost about 9 trillion won (US$8.04 billion)
Hyundai Motor Group has decided to call off its governance reform plan, succumbing to pressure from U.S. activist hedge fund Elliott Management Corp. Having achieved its goal, the hedge fund is highly likely to raise its voice to maximize short-term profits. Its ultimate goal is to realize profits f
The Hyundai Motor Group backtracked from its plan to reform its corporate governance due to foreign corporate raiders' attacks. The group was forced to reconsider the plan from scratch as major proxy advisory firms recommended shareholders to vote against it, siding with US activist hedge fund E
Hyundai Motor Group vice chairman Chung Eui-sun has visited New York to win over global institutional investors ahead of the upcoming shareholders’ meeting of Hyundai Mobis scheduled for May 29, at which the group’s corporate governance reform will be discussed in earnest for the first time.The vice
Korea Investment Corp (KIC)., South Korea's sovereign wealth fund, will consider canceling an investment contract with US activist hedge fund Elliott Management, its head said on May 17.Choi Hee-nam, chief executive of the $134.1 billion fund, told reporters that KIC is closely monitoring a lega
Glass Lewis, one of the world’s two largest proxy advisory firms, has advised shareholders to vote against the restructuring plan of Hyundai Mobis. Glass Lewis is the first major proxy advisory firm to express its opposition to Hyundai Motor Group’s governance reform plan. The plan proposes that Hyu
With US hedge fund Elliott Management officially announcing that it would vote against Hyundai Motor Group's governance reform plan, proxy advisory firms at home and abroad, including Institutional Shareholder Services Inc. (ISS), the world’s leading provider of corporate governance and responsi
US activist fund Elliott Management, which started an investor-state dispute (ISD) proceeding against the South Korean government, is seeking more than 700 billion won (US$670 million) in compensation for its alleged damage from the merger between Samsung C&T and Cheil Industries.According to the no
US-based hedge fund Elliott Management is stepping up pressure on the Hyundai Motor Group again, reaffirming its position to vote against the auto giant's corporate governance reform plan."We will vote against the Hyundai Motor Group's reorganization plan at its general shareholders' mee
South Korean auto parts maker Hyundai Mobis Co. announced it would pursue “shareholder-friendly” policies and buy back and cancel around 600 billion won (US$557.36 million) in treasury shares over the next three years. The announcement came days after affiliate Hyundai Motor announced its first stoc
The Public Prosecutor’s Office initiated an investigation into allegations that Elliott Management Corporation violated its duty of disclosure during the merger between Samsung C&T and Cheil Industries.The allegations were raised by the Securities and Futures Commission (SFC) of the Financial Servic
Samsung Group is expected to accelerate corporate governance reform as its vice chairman Lee Jae-yong has officially been designated as the head of the group by the Korea Fair Trade Commission (KFTC).The designation followed the recent move by the Financial Services Commission (FSC) to put pressure
It has been found that Elliott Management Corporation is pushing for an investor-state dispute (ISD) against the South Korean government for its claimed losses during the merger between Samsung C&T and Cheil Industries. A South Korean corporate governance expert said that the move is actually aimed