Hyundai to cancel $890 mn in shares under pressure from hedge fund Elliott

Hyundai Motor said it will cancel $890 million worth of treasury shares, its first stock cancellation in 14 years - a plan that comes amid heavy shareholder pressure to improve returns, restructure and bounce back from dismal earnings.

US activist hedge fund Elliott Management ramped up pressure on the South Korean automaker this week, calling for a holding company structure, a share cancellation as well as the addition of three independent board members. "Hyundai Motor seems to be trying to reach a compromise with Elliott.....

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