Hyundai founder sells stake in Hyundai Motors

Hyundai founder Chung Ju Yung has bowed to government pressure and sold a 6.1% stake in Hyundai Motors. There are concerns Chung still controls the shares.

Hyundai Group founder Chung Ju Yung Tuesday morning sold 12.7 million Hyundai Motors shares, equivalent to a 6.1% stake, at prices ranging from W15,600 to W15,800 a share $13.04 -$13.73- a discount to Monday's closing price of W16,800. Because the share price didn't fall through the floor and the shares were offloaded within 15 minutes of the market's opening, rumours were rife that Chung Ju Yung had placed them into friendly possibly family hands so as to retain influence over Hyundai Motors.

Given that there was no significant negative price impact, it is highly likely Hyundai pre-arranged the sales. It is, however, very difficult to confirm, says one research...

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