SEOUL, March 28 (Yonhap) — Hyundai Motor Group, South Korea’s biggest automotive conglomerate, said Wednesday it will streamline its overall governance structure by spinning off and merging two major affiliates.
The auto group plans to spin off auto parts maker Hyundai Mobis Co.’s core module business unit and then merge it with logistics firm Hyundai Glovis Co., the company said in a statement.
The move comes after the government asked the group to come up with a finalized plan to improve its complicated shareholding structure among affiliates by the end of March.
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