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SEOUL: Headed for a fourth straight annual profit decline, Hyundai Motor <005380.KS> is trimming its cost fat; scaling back on business class flights and annual family home trips for overseas employees, executives told Reuters.
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.
SEOUL: U.S. activist fund Elliott Management said it will vote against Hyundai Motor Group's restructuring plan and urged other shareholders to reject the proposal to reform South Korea's second-largest conglomerate.
SINGAPORE: Hyundai Heavy Industries Co, the world’s second-biggest shipbuilder, plans to raise about 1.29 trillion won (US$1.2bil) selling new shares for working capital amid shrinking orders in the global industry.
SEOUL: South Korea's new antitrust chief said he has been in talks with the autos-to-steel conglomerate Hyundai Motor Group about overhauling its complex ownership structure, which critics say gives too much power to its controlling family at the expense of shareholders.
SEOUL: State-owned Saudi Aramco plans to invest up to US$1.6bil for a nearly 20% stake in South Korean refiner Hyundai Oilbank, expanding its foothold in one of its biggest Asian buyers of crude oil.