It is a crucial week ahead for Hyundai Motor Group seeking to streamline its complex corporate shareholding structure through a spin-off and merger deal that is subject to a vote at May 29 meeting of shareholders.
Proxy advisory firms including Institutional Shareholder Services, Inc. and the Korea Corporate Governance Service are expected to make their recommendations this week, in light of the latest move by hedge fund Elliott Advisors to oppose Hyundai‘s plans.
By regulation here, a spin-off and mergers decision needs at least one-third of all shareholders to take part in the vote with two-thirds of approval. (khnews@heraldcorp.com)
