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.
Chung Mong-koo
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

Chung junior hoped to sell 3 22 million shares, reducing his stake from 31 9% to 23 7%, while Chung senior hoped to sell 1 8 million shares

The 5 02 million share deal was pitched on a price range spanning Won264,000 to Won277,500 per share, equating...

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