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      "text": "However, the unwinding of the current circular shareholding by itself is not enough for the Group to declare the restructuring a corporate governance improvement, especially as the transaction is not supported by sound business rationale and lacks clear benefits to minority shareholders.",
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      "text": "HMG recently announced a transaction... Elliott is encouraged that the Group has acknowledged the need for an improved ownership structure... However, the unwinding of the current circular shareholding by itself is not enough...",
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      "text": "Elliott is a significant shareholder in Hyundai Mobis Co., Ltd. (\"Mobis\"), as well as other key Hyundai affiliates... HMG has achieved remarkable growth... Each of the core HMG companies possesses substantial intrinsic value...",
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