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Hyundai overhaul hits another roadblock with ISS opposition

Reuters  |  SEOUL/NEW YORK 

By Hyunjoo Jin and Liana B. BakerSEOUL/NEW YORK (Reuters) - Opposition to Hyundai Motor Group's proposed new ownership structure grew on Tuesday with two major U.S. proxy advisers urging investors to reject a plan they said would benefit family members but not minority shareholders. ISS joined Glass Lewis and U.S. hedge fund Elliott in opposing the plan for parts supplier Hyundai Mobis, citing a "lack of compelling business justification" and "valuation that appears to be unfavorable for company shareholders."Under the deal announced in March, Mobis would spin off its module and after-service ...

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First Published: Tue, May 15 2018. 18:29 IST