Shareholders at Hyundai Motor and its auto parts affiliate Hyundai Mobis rejected Elliott’s proposals for one-time dividends totaling $6.2 billion
SEOUL—U.S. hedge-fund manager Elliott Management Corp. 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.
The setback follows a victory last year against Hyundai, when the conglomerate called off a corporate restructuring that Elliott said lacked business rationale and hurt shareholders. New York-based Elliott, founded by billionaire Paul Singer, is one of the biggest shareholder...
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