Schindler Chairman Says Hyundai Elevator Reneged on Takeover

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 Elevator Chairwoman Hyun Jeong Eun and her mother signed a letter of intent in 2004 to sell the company’s elevator business to the Swiss elevator-maker, Schindler said at a roundtable event in Seoul. About five years later, Hyundai Elevator told Schindler, its second-largest shareholder, that the company wouldn’t be sold, according to Alfred Schindler.