(Urgent) Hyundai Mobis cancels next week‘s general meeting

Hyundai Mobis, the auto parts making arm of Hyundai Group at the center of the group’s restructuring plan, has canceled its upcoming general meeting, the company said Monday.

Hyundai Mobis’ board of directors called off the meeting initially set for May 29, when the group’s spinoff merger plan would have been put to a vote.

Starting with Elliott Management, which has been pressuring Hyundai to take the form of a holding company, there has been opposition from major proxy firms in and out of the country including Glass Lewis, Institutional Shareholder Services, and Korea Corporate Governance Service, which has intensified pressure on Hyundai to convince as many investors as possible before next week.

By Kim Bo-gyung (lisakim425@heraldcorp.com)