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Elliott held more than $1 billion (£710.6 million) worth of
shares in Hyundai Motor <005380.KS>, Kia Motors <000270.KS> and
Hyundai Mobis <012330.KS>, an Elliott unit said in April 2018.
But it was not on the December 2019 year-end list of
shareholders in any of the companies, the Korea Economic Daily
reported, citing an unidentified investment banking source.
An Elliott spokesman could not be immediately reached. Hyundai
Motor declined to comment, saying that the company is not able
to disclose detailed shareholder information.
A recent recovery in Hyundai share prices may have influenced
the move, the newspaper said, citing the source.
Hyundai Motor shares, which at end-March 2018 were at 143,500
won per share, dipped as low as 92,500 won in November 2018
before recovering to 122,500 won near end-December 2019.
Kia Motors and Hyundai Mobis shares rose about 34% and 7%,
respectively, in that time.
A 2018 shareholder vote on a proposal to restructure Hyundai
Motor Group, seen aiding the handover of the group's reins to
heir apparent Euisun Chung, had been canceled after Elliott put
forth its own agenda for changes at the group.
But in March 2019, the companies' shareholders rejected
Elliott's demands for a massive special dividend and board
seats, dealing a blow to the hedge fund’s campaign to shake up
South Korea’s second-biggest family-run conglomerate.
As of November 2018, Elliott held more than 2.5 percent of
common stock in Hyundai Mobis, 3 percent in Hyundai Motor and
2.1 percent in affiliate Kia Motors, the fund previously said.
(Reporting by Joyce Lee; Editing by Kim Coghill)
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