Deals
Hyundai Motor Scion Buys $259 Million Stake From Uncle's Firm
- Chung Eui Sun bought 1.85 million shares in Hyundai Motor
- Deal increases his stake in automaker to more than 2 percent
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Hyundai Motor Co. Vice Chairman Chung Eui Sun, heir-apparent to South Korea’s largest carmaker, increased his stake in the automaker by buying shares from a struggling shipbuilding group controlled by his uncle.
Chung on Tuesday bought 1.85 million shares, or a 0.84 percent of Hyundai Motor, for 300 billion won ($259 million) from Hyundai Samho Heavy Industries Co., according to a regulatory filing. The son of the chairman had a 1.44 percent stake in the group’s crown jewel before the purchase.