Eliot to open fire to Hyundai Motors… “Provide additional stakeholder policy”
Kim Dong Wook | east@ | 2018-04-05 11:12:44
Eliot Management, in the past, which had raised the issue of dominating the Samsung Group in the past, is targeting Hyundai Motor this time. The company has secured about KRW 1 trillion in Hyundai Motor`s stake in the company, and has requested additional capital restructuring.
Elliott Advisors Hong Kong, an investment advisory firm based in the Elliott Fund, revealed on April 4 that "Eliot has three billion US dollars worth of common stock worth USD 1 billion (US USD 1.25 billion), including Hyundai Motor, Kia Motors and Hyundai Mobis." Eliot Advisors Hong Kong is a subsidiary of Eliot Management.
Eliot stated, "As a major shareholder of the Hyundai Automotive Group, we welcome the Hyundai Motor Group`s improvement and the first step toward a sustainable corporate structure," said Eliot. "We are encouraged by the reform of the shareholding structure, but further measures are needed for stakeholders including the company and shareholders. In the meantime, Eliot said, "We ask the executives to share a more detailed road map of how Hyundai Motor Group will improve its business structure, optimize capital management, and return shareholders."
The Hyundai-Kia Automotive Group has announced a plan to reorganize Hyundai Mobis` corporate governance structure on December 28th, as it divides Hyundai Mobis into business divisions and partial merger with Hyundai Glovis.
Eliot also added, "I expect executives and stakeholders to collaborate directly on these issues and to be able to suggest further actions on the reform plan."
Eliot, a US billionaire Paul Singer, has opposed the merger of Samsung C & T and Cheil Industries in 2015 and demanded that Samsung Electronics be split into a holding company and a business company in 2016 and a business company listed on the NASDAQ have.
Meanwhile, Eliot Management is a hedge fund that manages USD 35 billion in assets. Hyundai Motor Group (3.62 %), Kia Motors (2.52 %), Hyundai Mobis (4.11 %) and Hyundai Motor Group shares jumped as of 2 pm on Eliot`s claim. In the market, Eliot is positively welcomed by the fact that he has welcomed the reorganization plan unlike in the past. It is difficult to intervene in the management of a small number of shares due to the nature of the hedge fund, but it is analyzed that the main purpose is to raise the stock price and see the profit margin.
A business expert said, "If Samsung had a strategy to dispute management rights and flood the stock market, Hyundai Motor Group seems to be moving toward realizing profit while sharing interests with major shareholders."
By Kim Dong Wook east@
[ copyright ⓒ The Digitaltimes ]
Elliott Advisors Hong Kong, an investment advisory firm based in the Elliott Fund, revealed on April 4 that "Eliot has three billion US dollars worth of common stock worth USD 1 billion (US USD 1.25 billion), including Hyundai Motor, Kia Motors and Hyundai Mobis." Eliot Advisors Hong Kong is a subsidiary of Eliot Management.
Eliot stated, "As a major shareholder of the Hyundai Automotive Group, we welcome the Hyundai Motor Group`s improvement and the first step toward a sustainable corporate structure," said Eliot. "We are encouraged by the reform of the shareholding structure, but further measures are needed for stakeholders including the company and shareholders. In the meantime, Eliot said, "We ask the executives to share a more detailed road map of how Hyundai Motor Group will improve its business structure, optimize capital management, and return shareholders."
The Hyundai-Kia Automotive Group has announced a plan to reorganize Hyundai Mobis` corporate governance structure on December 28th, as it divides Hyundai Mobis into business divisions and partial merger with Hyundai Glovis.
Eliot also added, "I expect executives and stakeholders to collaborate directly on these issues and to be able to suggest further actions on the reform plan."
Eliot, a US billionaire Paul Singer, has opposed the merger of Samsung C & T and Cheil Industries in 2015 and demanded that Samsung Electronics be split into a holding company and a business company in 2016 and a business company listed on the NASDAQ have.
Meanwhile, Eliot Management is a hedge fund that manages USD 35 billion in assets. Hyundai Motor Group (3.62 %), Kia Motors (2.52 %), Hyundai Mobis (4.11 %) and Hyundai Motor Group shares jumped as of 2 pm on Eliot`s claim. In the market, Eliot is positively welcomed by the fact that he has welcomed the reorganization plan unlike in the past. It is difficult to intervene in the management of a small number of shares due to the nature of the hedge fund, but it is analyzed that the main purpose is to raise the stock price and see the profit margin.
A business expert said, "If Samsung had a strategy to dispute management rights and flood the stock market, Hyundai Motor Group seems to be moving toward realizing profit while sharing interests with major shareholders."
By Kim Dong Wook east@