SEOUL: Hyundai Motor Group on Tuesday rejected demands by U.S. activist investor Elliott Management for a combined 7 trillion won dividend payout and new board members, complicating efforts to revamp South Korea's second-biggest conglomerate.
Elliott, which was not immediately available for comment, had proposed a 2018 dividend of 4.5 trillion won for Hyundai Motor and 2.5 trillion won for auto parts supplier Hyundai Mobis, regulatory filings show.Hyundai will hold an annual shareholders meeting on March 22, when shareholders will vote on dividend and board members.The group is expected to come up with a revised proposal, which is expected to be put to a vote at extraordinary shareholders meeting in April or May, Park said.
Hyundai Mobis also said it would"undermine its future competitiveness" as it needs to invest more than 4 trillion won to develop new vehicles over the next three years. It said it will appoint former Opel Chief Executive Karl-Thomas Neumann, and Brian Jones, co-president at Archegos Capital Management, as outside board directors.
Source: Car News Wire (carnewswire.net)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Madoff customer payout tops US$12 billionThe court-appointed trustee liquidating Bernard Madoff's firm said he began distributing US$464 million to the imprisoned swindler's former ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
“It’s common sense, automatic payout should start at 65” says Calvin Cheng on CPFCheng said those that were requesting for payouts at 70 probably didn't need it as much as others and were probably relying on other assets while enjoying higher interest in the CPF. It should be the other way around... CPF board should start the payout to their members starting from Age 65 onwards & separate application option for those members who don't need it & wish to continues keeping their money in their CPF account to enjoy highr interest...!!!! A spin to nullified the original withdrawal age. 55!
Source: IndependentSG - 🏆 2. / 72 Read more »
US farmers receive US$7.7 billion in trade aid to date: USDAU.S. Department of Agriculture has paid out US$7.7 billion so far to farmers, William Northey, Undersecretary for Farm Production and ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
US banks record US$59.1 billion in profits in fourth-quarter of 2018The U.S. banking sector recorded US$59.1 billion in profits in the fourth quarter of 2018, down slightly from the third quarter's record level but ... Is that all? They may need a bailout. $jpm
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Standard Chartered sets aside US$900 million to cover US, British finesStandard Chartered (StanChart) has set aside US$900 million to cover fines resulting from regulatory investigations in the United States and ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
US ethics agency rejects Wilbur Ross’ financial disclosure reportWASHINGTON: A US government watchdog has admonished Commerce Secretary Wilbur Ross, saying he falsely claimed to have sold his shares in a bank and violated an ethics agreement. The finding disclosed on Tuesday by the Office of Government Ethics was the latest censure for...
Source: thenewpaper - 🏆 7. / 63 Read more »
US top court rejects bid to block Indivior opioid drug copycatWASHINGTON: The U.S. Supreme Court dealt a blow to Indivior Plc on Tuesday, clearing the way for a copycat version of the British pharmaceutical ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Saudi Arabia strikes US$10 billion China deal, talks de-radicalisation with XiState-owned oil company Saudi Aramco signed a US$10 billion deal to build a refining and petrochemical complex in China on Friday (Feb 22), as ... How about the deal with Indonesia? Nope.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Canada's Barrick Gold considers hostile US$19 billion bid for Newmont Mining: mediaCanada's Barrick Gold Corp is considering a hostile bid for Newmont Mining Corp for about US$19 billion in stock, in what would potentially be one ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
SK Hynix plans to invest US$107 billion to build four semiconductor fabs after 2022South Korea's SK Hynix Inc plans to invest 120 trillion won (US$106.66 billion) to build four semiconductor fabs after 2022 at a new cluster site ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »