Elliott Management Corp., the activist fund headed by billionaire Paul Singer, stepped up its pressure on Hyundai Motor Group by saying the conglomerate’s planned 10.6 trillion won ($9.9 billion) merger of two units would shortchange minority shareholders and lacks business logic.
Instead, the U.S. fund proposed that Hyundai Motor Co. be merged with Hyundai Mobis Co. to form a holding company that would oversee the group, Elliott said in a presentation on Monday. It also said group units should return excess cash, raise dividends and cancel treasury shares.
