February 26, 2019 / 8:47 AM / a month ago

Hyundai Mobis rejects Elliott proposal for $2.2 billion dividends: source

SEOUL (Reuters) - Hyundai Mobis, an affiliate of Hyundai Motor, said on Tuesday its board rejected a shareholder proposal for dividends worth 2.5 trillion won ($2.24 billion) on concerns the spending would undermine future competitiveness.

Hyundai Mobis did not elaborate on which shareholder made that proposal, but a source familiar with the matter said U.S. hedge fund Elliott made the proposal.

Elliott did not immediately reply to an emailed request for comment.

Reporting by Hyunjoo Jin; Editing by Muralikumar Anantharaman

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