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.
