March 14, 2019 / 4:27 AM / 5 months ago

S.Korea's pension fund backs Hyundai in blow to Elliott

SEOUL, March 14 (Reuters) - South Korea’s National Pension Service said on Thursday it would vote for proposals made by Hyundai Motor and Hyundai Mobis, dealing a major blow to U.S. hedge fund Elliott Management.

Elliott Management is calling for 7 trillion won ($6.2 billion) in one-time dividend payments and seeking seats on the boards of the two South Korean companies to address what it calls excess capital and corporate governance problems.

Hyundai has made its own proposals on the dividend payments and board members.

Shareholders will vote on the Elliott and Hyundai proposals on March 22. (Reporting by Hyunjoo Jin; editing by Darren Schuettler)

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