1. Elliott Gets an Ally in Opposing Hyundai Motor Overhaul Plan

    Elliott Gets an Ally in Opposing Hyundai Motor Overhaul Plan

    The criticisms are a setback for the group’s heir apparent -- Vice Chairman Euisun Chung -- as he prepares for Korea’s biggest proxy fight since Samsung Group narrowly defeated a controversial merger of two units nearly three years ago...

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    1. The board has failed to articulate a clear business rationale for the transaction and has not provided any details in support of the purported synergies.
    2. Moreover, despite the board's claims that the proposed restructuring plan aims to address the circular ownership issues, the transaction itself will have no impact on cross-ownership.
    3. The transaction represents the relative profitability and cash generating capabilities of the spun-off Mobis business and Glovis.
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