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Hyundai Shelves $8.8 Billion Deal After Elliott Pressure

(Bloomberg) Hyundai Motor Group shelved a controversial $8.8 billion deal between two units after activist hedge fund Elliott Management Corp. balked at the proposal on grounds that it would shortchange minority investors. Hyundai Mobis Co. on Monday decided to withdraw the proposal, Chief Executive Officer Young-Deuk Lim said in a letter to investors on Monday. The company, which had originally scheduled to put the matter to a shareholders’ vote on May 29, will seek approval for an updated restructuring plan at a later date, he wrote.

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