April 23, 2018 / 10:09 AM / 3 months ago

Elliott proposes 'accelerate Hyundai' changes

April 23 (Reuters) - Activist investor Elliott Management Corp on Monday proposed the addition of three independent members to the board of Hyundai Motor Group in a document laying out its agenda after taking a more than $1 billion stake in the carmaker.

Elliott also urged Hyundai’s board to reduce excess cash on the balance sheets at Mobis and Hyundai Motor Co to minimize drag on returns. (Reporting by Ankit Ajmera in Bengaluru; Editing by Anil D’Silva)

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