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(Reuters) – U.S. hedge fund Elliott on Tuesday renewed pressure on South Korea’s Hyundai Motor Group, urging it to return $10.6 billion of capital to shareholders and consider selling non-core assets, including costly land it bought in Seoul for new headquarters. The call came after Hyundai Motor (005380.KS) posted a sharp drop in third-quarter earnings in late October, hitting its shares and dashing hopes of better shareholder returns. In May, Hyundai Motor Group, backed by founding family members, shelved an ownership restructuring plan that would have given the son of its aging chairman more control of the conglomerate, following opposition from Elliott tiffany oval cufflinks uk sale.
In September, Elliott, run by billionaire Paul Singer, made a fresh proposal for Hyundai’s ownership structure and suggested adding new independent directors to its respective boards. In an open letter on Tuesday, Elliott called on Hyundai to return up to 8 trillion won ($7.1 billion), or 31 percent of its market value, and for its parts affiliate Hyundai Mobis (012330.KS) to return 4 trillion won, or 22 percent of its market capitalization, to shareholders, preferably by share buybacks tiffany oval cufflinks uk sale. Elliott said Hyundai Motor Group, despite having “excess capital,” lagged behind peers such as General Motors (GM.N) and Toyota Motor (7203.T) in shareholder returns, citing a report by consultancy Conway MacKenzie..
Elliott asked Hyundai to review its non-core assets, “with an eye toward divesting assets that are either underutilized or contribute low returns.” tiffany oval cufflinks uk sale. It said the assets included land Hyundai bought in 2014 for 10.55 trillion won, more than triple the appraisal value, to build headquarters in the affluent district of Gangnam in Seoul. “Given the cost of delay and the lack of progress made thus far, Elliott also reserved the right to put forward the various recommendations as shareholder resolutions in the next general meetings,” it said..
Elliott, which challenged Samsung Electronics (005930.KS) in 2016, called on Hyundai to join the South Korean electronics giant in diversifying its board, improving shareholder returns and addressing a complex shareholding structure. “Hyundai Motor Group is now the only major corporate group in Korea with an unreformed legacy shareholder structure and no plan to address it,” Elliott said in a statement on Tuesday, saying the group’s “reform efforts have stalled.” tiffany oval cufflinks uk sale. Hyundai Motor could not immediately be reached for comment..
WASHINGTON (Reuters) – The Department of Justice’s antitrust chief, Makan Delrahim, said on Tuesday that evidence drove the division’s decision-making rather than pressure from the president, who recently tweeted that he supported an antitrust probe of Comcast Corp (CMCSA.O) tiffany oval cufflinks uk sale. Speaking on CNBC, Delrahim, the assistant attorney general for antitrust, was asked about President Donald Trump’s attacks on companies like Comcast and Amazon.com Inc (AMZN.O), alleging that they break antitrust law..