Elliott expresses concern again about one family controlling all of Hyundai
Elliott has opposed Hyundai’s original restructuring plan and growing public scrutiny over families controlling large conglomerates
Elliott Management renewed calls on Hyundai Motor in August to make structural changes, a source has said, months after the US activist fund helped force the South Korean automotive company to scrap a restructuring deal. Hyundai Motor, South Korea’s second-biggest conglomerate, said in May that it would "supplement and improve" a plan to streamline its complex ownership structure, reduce regulatory risk and prepare the group for a switch of management from father to son. This came after opposition from Elliott against Hyundai Motor’s original restructuring plan and growing public scrutiny over families controlling large conglomerates following a corruption scandal in 2017 involving the Samsung Group. In its new proposal, made in August, billionaire Paul Singer’s fund has asked car-parts maker Hyundai Mobis to sell its lucrative after-sale service business to affiliate Hyundai Motor, and then merge what is left of Mobis with logistics affiliate Hyundai Glovis, backed by Hyundai’s fam...
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