Hyundai U-turn puts Asia investors in higher gear

Hyundai Glovis

21/05/2018 11:05

(The author is a Reuters Breakingviews columnist.  The opinions
expressed are his own.)
    By Quentin Webb
    HONG KONG, May 21 (Reuters Breakingviews) - The South Korean
conglomerate slammed the brakes on a $9 bln restructuring after
investors revolted. It's a big step in a region where
shareholders are often given short shrift. Alongside other
recent upsets, Hyundai's is welcome evidence the balance of
power is shifting.
       
    Full view will be published shortly.
    On Twitter https://twitter.com/qtwebb
    
    CONTEXT NEWS
    - South Korea's Hyundai Mobis on May 21 dropped a planned
restructuring just days before a shareholder vote. The $22
billion auto-parts company vowed to “supplement and improve” the
plan after opposition from U.S. hedge fund manager Elliott
Management, as well as other investors and proxy advisers. 
    - Mobis is part of Hyundai Motor Group, South Korea’s
second-largest chaebol or family-controlled conglomerate. Mobis
was due to swap two businesses for new shares in sister company
Hyundai Glovis, as part of a wider overhaul aimed at simplifying
Hyundai’s complex corporate structure.      
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    <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Hyundai Mobis statement    http://en.mobis.co.kr/cmm/fms/FileDown.do?fileId=FILE_000000000015442&fileSn=0
Hyundai Mobis drops spin-off plan in the face of opposition   
 urn:newsml:reuters.com:*:nL3N1SS2UW
Hyundai overhaul hits another roadblock with ISS opposition   
 urn:newsml:reuters.com:*:nL3N1SL71E
BREAKINGVIEWS-Hyundai agitator gets overly ambitious   
 urn:newsml:reuters.com:*:nL3N1S119D
BREAKINGVIEWS-Elliott targets right pressure points at Hyundai  
  urn:newsml:reuters.com:*:nL4N1RH1H8
BREAKINGVIEWS-Shareholders could upset Hyundai overhaul   
 urn:newsml:reuters.com:*:nL3N1RB1CQ
    ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
 (Editing by Jeffrey Goldfarb and Bob Cervi)
 ((quentin.webb@thomsonreuters.com; Reuters
Messaging:quentin.webb.thomsonreuters.com@reuters.net))