Hyundai Glovis Co Ltd (086280.KS)
Tue, May 15 2018
SEOUL/NEW YORK Opposition to Hyundai Motor Group's proposed new ownership structure grew on Tuesday with two major U.S. proxy advisers urging investors to reject a plan they said would benefit family members but not minority shareholders.
* Together foreigner investors own nearly 50 pct of Mobis (Add ISS report, Hyundai response)
SEOUL Shares of Hyundai Mobis dropped almost 7 percent on Friday, hurt by worries that a proposed restructuring plan would benefit the parent group's controlling family at the cost of the company's shareholders.
* Plan will be put to shareholders for approval on May 29 (Updates shares, adds profit margin data, Samsung merger background)
* Plan passes Mobis' cash-cow business to Glovis cheaply -analysts
* Owner family members to buy stakes in Kia, Glovis and Steel
SEOUL, March 28 South Korea's auto parts maker Hyundai Mobis Co Ltd said on Wednesday it will spin off its module and after-service parts businesses and merge them with affiliate Hyundai Glovis.