SEOUL, March 22 (Yonhap) -- Shareholders of Hyundai Motor Co. and Hyundai Mobis Co. on Friday backed the dividend plans of the two automotive firms and rejected proposals set forth by U.S. activist investor Elliott Management.
In separate votes, 86 percent of Hyundai Motor shareholders voted for the carmaker's dividend plans and 14 percent stood by Elliott's proposals. Sixty-nine percent of Hyundai Mobis shareholders voted for the auto parts dividend payout move compared to 11 percent favoring Elliot's demand, the two companies said.
Elliott called on the two South Korean companies to provide a combined 8.3 trillion won (US$7.3 billion) in dividends this year. Hyundai Motor offered to pay 1.1 trillion won and Hyundai Mobis suggested a total of 1.1 trillion won in dividends over the next three years.
Hyundai Motor and Hyundai Mobis are key affiliates of Hyundai Motor Group, the world's fifth-biggest automotive group by sales.
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