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| Name | Symbol | Market | Type |
|---|---|---|---|
| Bank East Asia Ltd (PK) | USOTC:BKEAY | OTCMarkets | Depository Receipt |
| Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.01 | -0.79% | 1.25 | 1.25 | 1.28 | 1.25 | 1.25 | 1.25 | 1,533 | 19:08:31 |
From Jun 2019 to Jun 2024
By WSJ City
US hedge-fund manager Elliott Management lost its battle to boost dividends and gain board seats at South Korean auto giant Hyundai Motor Group, highlighting the challenge activist firms face in proxy fights with Asia's family-run businesses.
KEY FACTS
--- Elliott is one of the biggest shareholder activists, with around $35bn in assets.
--- In Asia, it previously targeted Samsung and Hong Kong's Bank of East Asia, with mixed results.
--- Shareholders at Hyundai Motor and its auto-parts affiliate Hyundai Mobis rejected proposals for a much higher one-time dividend.
--- Shareholders sided with the two companies' combined five independent board nominees.
What They Said:
"Elliott's proposals were too extreme," said Lee Sung-won, vice president at Truston Asset Management, a longtime investor in both Hyundai companies.
Elliott accentuated the positive.
"Elliott is encouraged by the support that the shareholder proposals received from independent shareholders of HMC and Mobis. We are confident that the future holds further improvements at Hyundai."
Spokesperson for Elliott
Why This Matters
This clash is the latest in a series between Elliott and a family-run Asian company. In Hong Kong, it has engaged in a multiyear battle to force Bank of East Asia, run by chairman and chief executive David Li, to sell itself. Shareholder activism has surged in Asia, with more than 10 times as many campaigns in 2017 as in 2011, according to a JP Morgan report. That reflects growth in foreign shareholdings and local regulations promoting corporate governance.
A fuller story is available on WSJ.com
WSJ City: The news, the key facts and why it matters. Be deeply informed in less than five minutes. You can find more concise stories like this on the WSJ City app. Download now from the App Store or Google Play, or sign up to newsletters here http://www.wsj.com/newsletters?sub=356&mod=djemwsjcity
(END) Dow Jones Newswires
March 22, 2019 06:49 ET (10:49 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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