The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    Actor Yoo Ah-in appears for questioning over alleged drug use

  • 3

    ANALYSISTesla, BYD's price cuts unnerve LGES, Samsung, SK

  • 5

    Yoo Ah-in appears before police over alleged use of illegal drugs

  • 7

    US aircraft carrier to visit Busan amid NK provocations

  • 9

    Dreams come true: TXT mesmerizes 21,000 fans at KSPO Dome

  • 11

    Chun Doo-hwan's grandson apprehended at Incheon Int'l Airport over drug use

  • 13

    Clock ticks for China's massive repatriation of N. Korean defectors

  • 15

    Families of foreign construction workers can receive retirement pay: court

  • 17

    N. Korea fires 2 SRBMs toward East Sea; US aircraft carrier due in S. Korea for joint training

  • 19

    Local bank stocks hit by shockwaves from SVB, CS collapses

  • 2

    SK chief's estranged wife sues his new partner for compensation

  • 4

    4 young Nigerian siblings killed in house fire in Ansan

  • 6

    One of two Kazakhstanis who fled Incheon Int'l Airport nabbed

  • 8

    Revised Japanese textbooks distort wartime forced labor, catching Korea off guard

  • 10

    Will April releases revive Korean cinema? Films to look out for in April

  • 12

    Korean crypto investors want Do Kwon punished in US

  • 14

    TEMPLE ADVENTURESHaedong Yonggung Temple prospers on Busan's coast

  • 16

    Gimpo-China flights recover to pre-pandemic levels

  • 18

    Actor Yoo Ah-in once again apologizes for alleged drug use

  • 20

    Nongshim plans to build plant in eastern US region

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
Wed, March 29, 2023 | 19:09
Hyundai Motor to reignite succession drive
Posted : 2015-01-15 20:14
Updated : 2015-01-15 21:23
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
Chung Mong-kooHyundai chairmanChung Eui-sunHyundai vice chairman Chung Mong-kooHyundai chairmanChung Eui-sunHyundai vice chairman

Chung Mong-koo
Hyundai chairman

Chung Eui-sun
Hyundai vice chairman


By Park Jin-hai


Hyundai Motor Group is expected to resume the botched sale of the owner family's Hyundai Glovis stakes, with the group's succession scheme centering on Hyundai Mobis, analysts said Thursday.

"If the block deal had been made, Hyundai Motor Group could have saved 10 billion won in tax annually as it could have resolved the anti-trust issue related to intra-group dealings," said Meritz Securities analyst Kim Seung-chul. "Therefore, the group will most likely resume the block deal."

The country's revised anti-trust law bans business group owners and their family members from holding more than 30 percent stakes in affiliates that earn more than 20 billion won annually or 12 percent of annual sales through intra-group dealings.

In 2013, Hyundai Glovis earned nearly 3 trillion won from doing business with its affiliates, accounting for about 30 percent of its 10.2 trillion won annual sales.

HI Investment & Securities analyst Ko Tae-bong agrees.

"Previously, regarding corporate governance restructuring, one of the most plausible scenarios was the merger between Hyundai Glovis and Hyundai Mobis," he said.

"Through the deal this time since the market has learned that Hyundai Motor chairman Chung Mong-koo has no interest in merger," said Ko.

He said the scenario that the automotive group sells Hyundai Globis stakes and with the cash secures Hyundai Mobis stakes had become more convincing.

Hyundai Motor said chairman Chung and his heir Chung Eui-sun failed to sell a combined 13.4 percent stake in Hyundai Glovis, or 5.02 million shares.

Several institutional investors showed interest in acquiring shares, but the sides failed to iron out differences over the price and other terms, according to the company.

Chairman Chung holds 11.51 percent of Hyundai Glovis, while his son has 31.88 percent. The block sale would have raised about 1.5 trillion won ($1.4 billion won).

"As the deal has become futile and share prices fluctuate, the company should review its corporate governance restructuring scenario," said Korea Investment & Securities analyst Kim Jin-woo. "But one thing that cannot change is that securing Hyundai Mobis stakes is most crucial in its father-to-son succession."

Meanwhile, Taurus Investment & Securities analyst Yoo Ji-woong said the group would shed Hyundai Glovis shares, but in a different way to a block deal.

"A more credible theory is dividing Hyundai Mobis into a holding company and an operating company, and merging the holding company with Hyundai Glovis with Junior Chung as a controlling shareholder," Woo said.

"In this case, he would be elevated into the largest shareholder."

Hyundai Mobis inched up 1.57 percent to close at 259,000 won. Hyundai Glovis jumped 2.59 percent to close at 237,500 won, bouncing back up from its two-day losing streak which had been triggered by Hyundai Motor Group Chairman Chung Mong-koo and his son's failed attempt to sell off their shares in the logistics unit.

The benchmark Korea Composite Stock Price Index (KOSPI) edged up 0.48 point to end nearly unchanged at 1,914.14.

Emailjinhai@koreatimes.co.kr Article ListMore articles by this reporter
 
Top 10 Stories
1Revised Japanese textbooks distort wartime forced labor, catching Korea off guardRevised Japanese textbooks distort wartime forced labor, catching Korea off guard
2Clock ticks for China's massive repatriation of N. Korean defectors Clock ticks for China's massive repatriation of N. Korean defectors
3Gold price nears all-time high amid financial jitters Gold price nears all-time high amid financial jitters
4Ramsar wetland in Han River cleaned up for protected birdlife Ramsar wetland in Han River cleaned up for protected birdlife
5BMW launches new XM BMW launches new XM
6Civic groups in Gwangju await meeting with Chun Doo-hwan's grandson Civic groups in Gwangju await meeting with Chun Doo-hwan's grandson
7CJ CheilJedang sees chicken as next big seller after frozen dumplingCJ CheilJedang sees chicken as next big seller after frozen dumpling
8North Korea unveils tactical nuclear warheads North Korea unveils tactical nuclear warheads
92024 budget to focus on tackling low birthrate 2024 budget to focus on tackling low birthrate
10Over 1,000 financially vulnerable Koreans apply for new emergency gov't loans Over 1,000 financially vulnerable Koreans apply for new emergency gov't loans
Top 5 Entertainment News
1Dreams come true: TXT mesmerizes 21,000 fans at KSPO Dome Dreams come true: TXT mesmerizes 21,000 fans at KSPO Dome
2Will April releases revive Korean cinema? Films to look out for in April Will April releases revive Korean cinema? Films to look out for in April
3'My ID is Gangnam Beauty' to be adapted into live action series in Thailand 'My ID is Gangnam Beauty' to be adapted into live action series in Thailand
4[INTERVIEW] Choi Min-sik, Lee Dong-hwi on creating Korean-style noir with 'Big Bet' INTERVIEWChoi Min-sik, Lee Dong-hwi on creating Korean-style noir with 'Big Bet'
5Ra Mi-ran, Lee Re to lead fantasy drama 'The Mysterious Candy Store' Ra Mi-ran, Lee Re to lead fantasy drama 'The Mysterious Candy Store'
DARKROOM
  • Turkey-Syria earthquake

    Turkey-Syria earthquake

  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group