Hyundai Group said Thursday it decided to drop the lawsuit it filed against Hyundai Motor Group, bringing an end to the legal battle that was staged following the carmaker’s takeover of Hyundai Engineering and Construction.
One of the dropped complaints was about Hyundai Group’s accusations that an executive of Hyundai Motor Group spread false facts about Hyundai Group during the bidding process.
Hyundai Motor Group and Hyundai Group were the only two bidders for the country’s largest construction firm and the latter was initially chosen as the preferred bidder last November. However, the preferred bidder spot went to the auto giant due to Hyundai Group’s inability to offer sufficient funding.
In a related move, Hyundai Group also dropped a suit against the carmaker ahead of the wedding of group chairwoman Hyun Jeong-eun’s eldest daughter in late August.
“It was an act that did not have any preconditions and it could be interpreted as a move to end the uncomfortable relationship of the past and move on to one that could be mutually beneficial in the future,” said a Hyundai Group official.
The official added that the group did not drop the lawsuits to get the shares of Hyundai Merchant Marine, owned by Hyundai E&C.
