[Photo] Hyundai Motor Group retracts spinoff-merger plan with Hyundai Mobis and Hyundai Glovis

The Hyundai Motor Group canceled its plans to spinoff Hyundai Mobis and merge with Hyundai Glovis on May 21. The spinoff-merger was originally scheduled to take place on May 29. Hyundai Motor Group Vice Chairman Chung Eui-sun cited a “lack of communication with several shareholders as well as with the market” as one of the primary reasons for the chaebol group’s revision of its plans. The revision is seen by analysts as a major victory for Elliott Management, which has moved to sue the South Korean government for its role in the Samsung C&T merger, and other minority shareholders. The photo shows the Hyundai Motor Group’s headquarters.