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Hyundai denies rumors of Rotem stake sale to Siemens
Posted : 2021-04-21 16:12
Updated : 2021-04-21 16:13
Hyundai Rotem s homegrown low carbon eco-friendly KTX bullet train, which boasts a maximum speed of 260km/h. Korea Times file
By Kim Hyun-bin
Hyundai Motor Group said Wednesday that it will not sell its stake in ailing affiliate Hyundai Rotem to German industrial conglomerate Siemens.
The comments came in response to market speculation that Hyundai Motor Group is in the final stage of reviewing the sale of a 33.8 percent stake in Rotem to Siemens, as the defense and railroad affiliate continues to accumulate losses. Hyundai Rotem s stock price closed down 4.67 percent at 20,400 won ($18.24), Wednesday.
Hyundai Motor Group moving toward governance restructuring
Posted : 2021-04-14 16:36
Updated : 2021-04-14 21:30
Hyundai Motor Group, led by Chairman Chung Euisun, is believed to be moving toward streamlining its governance structure, after a previous attempt in 2018 was blocked by U.S. hedge fund shareholder Elliott Management. Korea Times file
By Yi Whan-woo
Hyundai Motor Group appears to be geared toward streamlining its governance structure, starting with an initial public offering (IPO) of its plant engineering affiliate Hyundai Engineering.
On Wednesday, Hyundai Engineering confirmed that it sent major brokerage firms proposals for an IPO on the country s main KOSPI bourse. The requests were sent on April 9, a public relations officer of the firm said, referring to reports circulating within the investment banking industry that the IPO will be finalized by the third quarter at the earliest.
Hyundai, Hyosung request FTC to recognize new group chiefs
Posted : 2021-03-02 16:00
By Nam Hyun-woo
Hyundai Motor Group and Hyosung Group requested that the Fair Trade Commission (FTC) recognize their new chairmen, according to the Fair Trade Act, which regulates chaebol s business practices.
This recognition bears significance because it determines the FTC s scope in considering whether certain companies are affiliated as a conglomerate or not. That status subsequently decides which companies are subject to regulations on conglomerate owners unfair profiteering from intra-affiliate trading.
According to industry officials, Hyundai Motor Group has recently requested the FTC to recognize Chairman Chung Euisun as the group s chief, according to the act. If the antitrust agency accepts this request and announces Chung as the chief, the automobile giant will have a new legal chief for the first time in 21 years.