Hyundai Motor and two other divisions of the conglomerate are seeing their shares soar.
This comes after a U.S. hedge fund revealed it holds more than one billion dollars of
the company's stocks,... and urged rapid reform of the motor giant's governance.
Kim Mok-yeon has the full story.
Korea's largest automaker Hyundai Motor Group is facing a fresh challenge.
A unit of the U.S. investment firm Elliott Management announced on Wednesday that it
has stakes in Hyundai Motor, Kia Motors and Hyundai Mobis worth more than 1 billion U.S.
dollars, and is demanding the Korean auto-group reform its corporate governance structure
and improve capital returns.
The 1 billion dollar stake amounts to less than 1.5 percent of combined market capitalization
of the three affiliates.
The remarks follow Hyundai Motor Group's announcement last week that it would simplify its governance
structure by merging its logistics unit Hyundai Glovis with Hyundai Mobis and making the latter
the de facto holding company of the auto and steel empire.
The change is expected to eventually simplify the conglomerate's cross-shareholding structure.
The Hong Kong-based affiliate of American hedge fund Elliott Management applauded Hyundai's
decision, but said that more needs to be done to benefit the companies and stakeholders,
adding that it plans to further engage with management and stakeholders.
Following the news, shares in the three Hyundai divisions jumped.
As of Thursday, shares of Hyundai Motor rose 1.3 percent from Tuesday's close.
Kia Motors and Hyundai Mobis also climbed 1.9 and 2.7 percent respectively.
Much attention was focused on the latest announcement as Elliott Management has been a critic of
large conglomerates in the past.
It filed a series of lawsuits to stop the merger of Samsung C&T and Cheil Industries
in 2015.
It also proposed that Samsung Electronics simplify its operations and increase shareholder
returns in 2016, which led to the electronics giant taking corresponding measures in line
with the proposal.
Kim Mok-yeon, Arirang News.
For more infomation >> 아이오닉 하이브리드-4편 언박싱하기 (Hyundai Ioniq Hybrid-Episode 4. Unboxing) - Duration: 4:01. 
For more infomation >> [Mô phỏng TAI NẠN] Xe khách ĐÂM xe CỨU HỎA của nhà xe Hải Hà Express trên cao tốc Pháp Vân - Cầu Giẽ - Duration: 44:45. 
For more infomation >> Hyundai Elantra. Автомобили из Америки под восстановление. Аукцион Iaai.com - Duration: 5:05. 
For more infomation >> Hyundai i40 Wagon 1.6 GDI B. Bns Ed./Rijklaarprijs - Duration: 0:59. 
For more infomation >> Hyundai i30 CW 1.6i Dynamic Bns - Duration: 0:55. 
For more infomation >> Hyundai Tucson 1.6 GDi ANNIVERSARY EDITION| NAVCAMERA |CLIMA|DAB+| - Duration: 0:54. 
For more infomation >> Hyundai ix35 2.0I STYLE /Clima/Panorama/Trekh/1e Eig/NAP/Garantie - Duration: 0:54. 
For more infomation >> Hyundai i20 1.2 LP I-DRIVE COOL - Duration: 0:55. 
For more infomation >> Hyundai i10 5-DR 1.1 I-DRIVE | EERSTE EIGENAAR | ELEKTRISCH PAKKET | SPOILER | CPV - Duration: 1:01. 
Không có nhận xét nào:
Đăng nhận xét