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South Korea’s Pension Fund Backs Hyundai in Blow to Elliott

(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.

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