SEOUL: Hyundai Motor Co said its chairman and his son failed to sell about US$1.25bil worth of shares in affiliate Hyundai Glovis, thwarting a succession move at South Korea’s second biggest family-owned conglomerate.
The size of the sale spooked investors at a time of heightened market resistance to the tendency of South Korea’s family-owned business empires, known as chaebols, to put the interests of kin ahead of ordinary shareholders, analysts said.
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