Hyundai Group said it is to go ahead with plans to spin-off its Hyundai Motor Co. unit making it more independent, reports Bloomberg News (1/8/00).

The decision by South Korea`s largest industrial group bows to both Government and investor pressure in them wanting to reduce the founding family`s management control over the car maker. It also allays fears that profits from the automaker were to be used in bailing out other Hyundai-owned companies facing cash shortages.

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Previous plans to separate Hyundai Motor from the Group by the end of June were delayed.

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