SOUTH KOREA: Hyundai Group withdraws suit against Hyundai Motor Group
Hyundai Group announced the withdrawal of a lawsuit against Hyundai Motor Group citing the "family's reconciliation and mutual development". The news comes ahead of the wedding of one of the group's founder's granddaughters.
The suit was the last straw of a steadily souring relation between the companies that took a turn for the worse over the acquisition of Hyundai Engineering & Construction Co.
Hyundai Group filed a libel suit against Hyundai Motor in November 2011 after losing its status as the preferred bidder for Hyundai Engineering. In its lawsuit, Hyundai Group claimed that the auto group, which had taken over the preferred bidder status, had spread false rumours over its ability to raise funds for the acquisition.
However, Hyundai Group will continue another lawsuit against the creditors aimed at overturning a 2010 decision which cost the shipping company the right to negotiate primarily with Hyundai E&C.