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  "documentTitle": "Hyundai Motor Group",
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  "authorName": "Elliott",
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  "presentationDate": "2018-04-23 00:00:00",
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      "text": "Achieves the removal of a key circular shareholding but without any more holistic corporate structure simplification",
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      "text": "HMG announced a plan for business restructuring after market close on 28 March 2018 in which Mobis would spin off its module manufacturing and after-sales parts businesses and then merge these businesses with Glovis. Based on the Samil PwC valuation of the spun-off business, the merger ratio is set such that Mobis shareholders will receive 0.61 new share of Glovis stock for each share of Mobis. HMG also announced a series of future share transactions between the Group’s principal shareholders after the completion of the spin-off merger to unwind the circular shareholding, which has been criticized by both the Korean Government and the market as inefficient, outdated and unsustainable in the long run. Elliott, as a significant shareholder in Mobis, as well as other key Hyundai affiliates specifically in HMC and Kia, is encouraged that the Group has acknowledged the need for an improved ownership structure",
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