Billionaire Schindler Holding AG Chairman Alfred Schindler said Hyundai Elevator Co. management reneged on a provisional agreement to sell most of the company, forcing him to file lawsuits to protect his investment.
Hyundai Group Chairwoman Hyun Jeong Eun failed in an attempt to buy a stake in South Korea’s largest builder, opening up a possible challenge for control of her biggest company from her billionaire brother-in-law.
Hyundai Engineering & Construction Co. , South Korea’s biggest builder, tumbled in Seoul trading after Hyundai Group signed a preliminary agreement to buy a controlling stake, damping speculation the deal may fall apart.
U.S. Secretary of State John Kerry traveled to Asia seeking to reassure allies in South Korea and Japan and encourage China to increase pressure on North Korea to drop its threats and nuclear-weapons development.
Hyundai Engineering & Construction Co. fell the most in almost two weeks in Seoul after Hyundai Group gave shareholders documents supporting its funding plan for buying a stake in the builder, damping speculation the deal may fall apart.
Hyundai Group Chairwoman Hyun Jeong Eun may have to raise about 4.8 trillion won ($4.2 billion) by the end of next year after beating her billionaire brother-in- law for control of South Korea’s biggest builder.