ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print

Elliott loses bid for higher Hyundai dividend by landslide

US activist investor also rebuffed on board picks

Hyundai Motor President Lee Won-hee speaks at the annual shareholders meeting in Seoul on March 22.   © Reuters

SEOUL -- Hyundai Motor shareholders overwhelmingly rejected Friday a dividend payment roughly seven times what the automaker proposed, dealing a stinging blow to the American activist fund that put it forward.

Elliott Management, which holds a roughly 3% stake, proposed a dividend of 21,967 won (around $19) per share. This would have cost the automaker about 5.8 trillion won, including preferred stock -- nearly four times its consolidated net profit for 2018. Shareholders instead approved a 3,000 won dividend with nearly 90% of the vote.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more