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Hyundai Motor family sold $1.1 bln stake in affiliate - sources

Feb 06, 2015    

SEOUL (Reuters) - The chairman of Hyundai Motor Co (005380.KS) and his son successfully sold their entire 13 percent stake in shipping and logistics affiliate Hyundai Glovis Co Ltd (086280.KS) offered in a block deal worth about 1.16 trillion Korean won ($1.07 billion), two persons with direct knowledge of the matter said on Friday.Chairman Chung Mong-koo and son Chung Eui-sun sold their 5.02 million shares at 17 percent below the asking price in last month's unsuccessful offering, in a bid to avoid South Korea's antitrust scrutiny.They also committed not to sell their remaining 29.99 percent ...

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