As activist fund Elliott circles, Hyundai has a 'shareholder friendly' plan

Hyundai Motor shares rose 1.3%, the most in a week, to close at 152,000 won in Seoul trading, while the benchmark Kospi index fell about 0.1%

An architect of Hyundai Motor Group’s revamp effort said the South Korean carmaking conglomerate is poised to unveil changes to enhance shareholder value amid pressure from investors including Elliott Management Corp.

“I know the shareholder-friendly policies will be revealed one-by-one as the company’s plans proceed,” said Jeong Young-chae, chief executive officer of NH Investment & Securities Co. in Seoul, which is advising Hyundai on its plans. He declined to give a timeframe.

The auto and parts group met with Elliott and other stock owners in London this week and discussions included the New York-based hedge fund’s concerns about overlapping shareholdings among companies