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Hyundai Glovis shares get boost as Carlyle buys 10% stake

South Korea's Chung family sells portion of group company to meet new regulation

SEOUL -- Shares in Hyundai Glovis jumped as high as 10.4% on Thursday after U.S. hedge fund Carlyle bought a 10% stake in the logistics arm of the Hyundai Motor Group as the founding family moved to avoid a regulatory clash with the South Korean government.

Hyundai Glovis shares surged in morning trading on Seoul's benchmark Kospi index, before gradually paring gains to close the day 6.7% higher.

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