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Hyundai directors kept in dark on size of $10-bn land bid: Sources

The outsize bid sent shares in three Hyundai firms plunging and wiped out nearly $8 billion in market value

Reuters  |  Seoul 

Hyundai Motor and two listed affiliates did not seek board clearance for the size of their record $10 billion bid for a plot of land in Seoul, more than triple its appraised value, four board members of the companies told Reuters. Thursday’s winning bid for the land sent shares in Hyundai Motor, Kia Motors  and Hyundai Mobis plunging, wiping out $8 billion in shareholder value, and sparked howls of protest from investors, rekindling worries about corporate governance at South Korea's conglomerates, or chaebol. While boards of the three firms discussed and approved ...

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First Published: Mon, September 22 2014. 00:09 IST