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  "documentTitle": "Hyundai Motor Group",
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  "authorName": "Elliott",
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  "notes": "The slide outlines a specific corporate restructuring plan involving mergers, demergers, and tender offers.",
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      "text": "Recast the HMG Restructuring Plan to achieve a simpler, more efficient and more transparent holding company structure, and at minimum share the result of any reviews on holding company structure undertaken by the Group",
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      "text": "Other key considerations: There are different methods to deal with HMG’s interests in financial subsidiaries. Setting aside the fact that non-strategic shareholders have stakes in Hyundai Card and Hyundai Capital, HMG could seek an appropriate waiver. Alternatively, a further demerger within the two-year grace period can separate financial capital from industrial capital. Regardless of the final transaction structure, a transparent process and fair value must be achieved for Kia’s stake in Mobis.",
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      "text": "Elliott calls on HMG and all stakeholders to do the following:",
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      "text": "Source: Company filings. Notes: 1. Two special purpose companies own 20% of Hyundai Capital and a private equity consortium owns 24% of Hyundai Card as of 31 December 2017. 2. Subject to Fair Trade Act Articles 8-2(3)(2) and (3).",
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      "text": "Step I. Merger: A merger between Mobis and HMC to form “Hyundai Mergeco” on fair and transparent terms. Step II. Demerger: Demerger of Hyundai Mergeco into a listed holding company and operating company. Step III. Tender offer. Step IV. Optimization.",
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      "text": "Accelerate Hyundai Proposals",
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