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Hyundai’s Chungs Revive Glovis Stake Sale to Avoid Probe

The patriarch of South Korea’s Hyundai Motor Group and his only son have for a second time offered to sell part of their stake in a logistics affiliate as they seek to comply with the nation’s fair-trade laws.

Chung Mong Koo, 76, and Chung Eui Sun offered to sell 5 million shares priced at 227,500 won to 232,500 won each in Hyundai Glovis Co., according to terms obtained by Bloomberg News. A successful sale would reduce their combined holdings from 43.39 percent to the 30 percent threshold required by new laws governing related-party deals, while raising as much as $1 billion that could be used toward paying inheritance taxes.