SEOUL (Reuters) – Hyundai Mobis, an affiliate of Hyundai Motor, said on Tuesday its board rejected a shareholder proposal for dividends worth 2.5 trillion won ($2.24 billion) on concerns the spending would undermine future competitiveness.
Hyundai Mobis did not elaborate on which shareholder made that proposal, but a source familiar with the matter said U.S. hedge fund Elliott made the proposal.
Elliott did not immediately reply to an emailed request for comment.
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