By Hyunjoo Jin SEOUL (Reuters) – U.S. activist hedge fund Elliott Management has renewed its pressure on Hyundai Motor Group with a fresh restructuring proposal after forcing the South Korean conglomerate to abandon its own reform plan in May. Elliott also urged Hyundai to form a committee to review its proposal with other investors and experts, expressing frustration at what it called Hyundai’s silence towards its attempts to discuss the new proposals. The renewed push comes amid growing public scrutiny over families controlling large conglomerates in South Korea following a corruption scandal last year involving the Samsung Group. In a rare victory for an activist shareholder in the country, Elliott and other shareholders helped in May to force Hyundai, South Korea’s second-largest business group, to scrap its own restructuring plan, which would have prepared the group for a switch of management from father to son. “We express our frustration as to HMC board’s silence towards our consistent attempts… to communicate and advance the restructuring and other projects,” Elliott said in a letter sent to Hyundai on August 14. It released the letter to the public on Friday. It proposed to establish a committee to discuss restructuring, shareholder returns and a… Read full this story
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