Elliott Welcomes Hyundai’s Acknowledgment of Needed Reforms Highlights Need for More Serious Action

03-Apr-2018 Intellasia | BusinessWire | 11:30 PM Print This Post

Announces significant stake in Hyundai Mobis, Hyundai Motor, and Kia
Motors

Seeks stronger commitment to governance improvements and enhanced
capital returns

HONG KONG–(BUSINESS WIRE)–Elliott Advisors (HK) Limited, which advises various Elliott-affiliated
funds (together “Elliott”), announced today that it collectively holds a
significant shareholding—more than $1 billion USD of common stock— in
Hyundai Mobis Co., Hyundai Motor Company, and Kia Motors Corporation
(together “Hyundai Motor Group”). As a major investor, Elliott is
pleased that Hyundai Motor Group has taken a first step towards an
improved and more sustainable corporate structure.

While this step is encouraging, more needs to be done to benefit the
companies and stakeholders. Elliott calls on management to share a more
detailed roadmap as to how it will improve corporate governance,
optimize balance sheets, and enhance capital returns at each of the
companies. Elliott looks forward to engaging with management and other
stakeholders directly on these issues, and to offering recommendations
regarding the proposed plan.

About Elliott

Elliott Management Corporation manages two multi-strategy funds which
combined have approximately $35 billion of assets under management. Its
flagship fund, Elliott Associates, L.P., was founded in 1977, making it
one of the oldest funds of its kind under continuous management. The
Elliott funds’ investors include pension plans, sovereign wealth funds,
endowments, foundations, funds-of-funds, and employees of the firm.
Elliott Advisors (HK) Limited is an affiliate of Elliott Management
Corporation. With a strong understanding of the Korean market and
corporate structures, Elliott has a history of successfully enhancing
shareholder value in Korea.

Contacts

Media
New York
Elliott
Management Corporation
Michael O’Looney, +1-212-478-2687
[email protected]
or
Seoul
KorCom
Kyle
Kim, +82-2-6925-1507
[email protected]

 


Category: BusinessWire, PRAsia

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