Hyundai Mobis rejects Elliott proposal for $2.2 billion dividends - source

SEOUL (Reuters) - Hyundai Mobis <012330.KS>, an affiliate of Hyundai Motor <005380.KS>, said on Tuesday its board rejected a shareholder proposal for dividends worth 2.5 trillion won ($2.24 billion) on concerns the spending would undermine future competitiveness.

Hyundai Mobis did not elaborate on which shareholder made that proposal, but a source familiar with the matter said U.S. hedge fund Elliott made the proposal.

Elliott did not immediately reply to an emailed request for comment.

(Reporting by Hyunjoo Jin; Editing by Muralikumar Anantharaman)