Deals
As Elliott Looms, Hyundai Weighs ‘Shareholder Friendly’ Plan
- Hyundai adviser says group poised to announce new revamp
- Activist fund Elliott is said to meet executives in London
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An adviser of Hyundai Motor Group’s revamp effort said he expects the South Korean carmaking conglomerate to unveil changes to enhance shareholder value amid pressure from investors including Elliott Management Corp.
Elliott, the sometimes activist fund run by billionaire Paul Singer, disclosed last week it had acquired a more than $1 billion stake in Hyundai Motor Group companies and wanted to see a clearer picture of plans to improve its operations. The move came a few days after Hyundai said it would simplify its ownership structure. Elliott, calling the announcement just a “first step,” said its holdings are in Hyundai Motor Co., Kia Motors Corp. and Hyundai Mobis Co.