Hyundai Motor Scion Buys $418 Million Stake in Automaker
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Chung Eui Sun bought 3.16 million shares in Hyundai Motor
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Hyundai Heavy Industries sold the stake to improve finances
Hyundai Motor Co.’s vice chairman increased his holdings in the carmaker as part of a move to protect the company’s share price and help a struggling family group-owned shipbuilder. Both stocks rose.
Chung Eui Sun on Thursday bought 3.16 million shares, or 1.44 percent, in Hyundai Motor for 500 billion won ($418 million) from Hyundai Heavy Industries Co., according to a regulatory filing. The only son and heir apparent to Hyundai Motor Group’s 77-year-old chairman owned 6,445 shares in the group’s crown jewel before the purchase.
Hyundai Motor rose as much as 4.1 percent while Hyundai Heavy gained as much as 3.3 percent in Seoul trading. The benchmark Kospi index advanced 0.2 percent as of 9:18 a.m….
Hyundai Motor Scion Buys $418 Million Stake in Automaker
