SEOUL (Reuters) – South Koreas auto-to-steel giant Hyundai Motor Group will streamline its complex ownership structure, as it responds to calls from the government and investors to reform the countrys powerful family-controlled conglomerates or chaebol.
Hyundai Mobis Co Ltd (012330.KS), a key affiliate, will spin off its module and after-service parts businesses and merge them with another group affiliate, Hyundai Glovis (086280.KS).
Parent Hyundai Motor Groups Chairman Chung Mong-koo and his son Chung Eui-sun, who is vice chairman, will then buy stakes in Mobis held by other affiliates Kia Motors (0002…
Read the full article at: https://www.reuters.com/article/us-hyundai-mobis-board/hyundai-group-to-streamline-ownership-structure-in-reform-push-idUSKBN1H41AZ