Hyundai Motor execs fail to sell affiliate shares

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.