Hyundai

The Turkish competition authority has approved the sale of 30 percent shares of Hyundai Assan from Turkey's Kibar Holding to Hyundai Motor.

The South Korean automotive giant, the world's fifth-biggest auto group, was already holding 70 percent of stocks in the Turkish automotive company.

South Korean automotive giant Hyundai Motor on Dec. 17 applied to the Turkish competition authority to buy 30 percent stake of Hyundai Assan from Kibar Holding in a bid to become the absolute owner of the Turkish carmaker.

Hyundai Motor, the world's fifth-biggest auto group, currently holds 70 percent stake of Hyundai Assan.

Hyundai Motor Co is at loggerheads with its Chinese partner over efforts to cut supplier costs, as they grapple with cut-throat competition and the impact of a stand-off between Beijing and Seoul, four people familiar with the dispute said.

In the industrial outskirts of Beijing, a local community in the shadow of a giant Hyundai Motor Co manufacturing complex is feeling the fallout from a fierce diplomatic standoff between China and South Korea.