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UPDATE 1-Hyundai Motor, Kia Motors ordered to cut stakes in steel affiliate

2015-12-30 03:29:04| Automakers - Topix.net

SEOUL, Dec 30 Hyundai Motor and Kia Motors have been ordered to sell a combined 6.6 percent stake worth 461 billion won in steelmaking affiliate Hyundai Steel by Thursday to meet conglomerate ownership rules. South Korea seeks to address complex cross-shareholdings involving affiliates of big industrial groups, which have long been criticized for their poor corporate governance.

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