Hyundai succession stalls as Glovis block falters

The long-anticipated handover from father to son at Korea's second largest Chaebol has failed to move up a gear after share sale is cancelled.

Hyundai succession stalls as Glovis block falters
Chung Mong-koo

The heir apparent and current chairman of Korea's second biggest Chaebol failed to sell shares in Hyundai Glovis on Monday night in a move that should have paved the way for the succession of father to son. 

Chung Eui-sun and his father Chung Mong-koo hoped to raise up to $1.25 billion by offloading a combined 13.4% stake in Hyundai Glovis, the group's logistics and shipping arm.

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