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  "documentTitle": "Hyundai Motor Group",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
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      "text": "We are not convinced by the Company's explanations provided so far for spinning out Mobis's module manufacturing and after-sales parts businesses and combining them with a logistics company",
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      "text": "We agree with the Company that the strategic directions of its core parts business and module + after-sales services businesses continue to diverge\nHowever, we find the business logic presented for combining Glovis and Mobis's module manufacturing and after-sales parts businesses not convincing\nMost global auto OEMs have kept and maintained their highly profitable after-sale service business, and there are no precedents to suggest that an after-sale service business belongs with a logistics company\nWe are also not convinced by (or the lack of) the business rationale provided to support separating the module manufacturing and after-sales parts businesses from the international subsidiaries in the same business lines\nThe segregation of the domestic operations from international operations for these two businesses creates a risk of weakening their competitive positioning and resulting diseconomies of scale\nThe HMG Restructuring Plan is also devoid of a transparent process to realize fair value for Kia's stake in Mobis",
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      "text": "The proposed merger also lacks clear business logic",
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