NEW YORK: A big proxy adviser joined Elliott Management Corp in opposing an US$8.8bil deal between two Hyundai Motor Group units, complicating the automotive giant’s ability to get shareholders to vote for an overhaul that may help the chairman pass on control of the South Korean conglomerate to his son.
Glass Lewis & Co, which provides voting advice for more than 1,300 institutional clients, recommended that Hyundai Mobis Co investors vote against the “profoundly unattractive” plan, which calls for the company to sell some of its businesses to affiliate Hyundai Glovis Co.
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