Seoul — US activist fund Elliott Management said it will vote against Hyundai Motor Group’s (Hyundai) restructuring plan and urged other shareholders to reject the proposal to reform South Korea’s second-largest conglomerate.A Hyundai executive responded that the proposed arrangements to simplify the vehicle maker’s complex ownership structure would not change and promised higher returns for shareholders. "Elliott is one of many people who express their opinions," Cheong Jin-haeng, president of Hyundai, told reporters on the sidelines of an industry event.Measures to boost investor returns would be laid out after a meeting on May 29 where shareholders will vote on the restructuring, he added.Elliott said in a statement late on Thursday that the restructuring plan was "based on flawed assumptions" and the conglomerate’s "token measures" to buy back and cancel shares were not enough to achieve fair value for investors. "More significant measures are needed to address the long-unresolv...
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