Hyundai Mobis to go ahead with plan to acquire Autonet

SEOUL, Dec. 10 (Yonhap) -- Hyundai Mobis Co., the auto-parts affiliate of Hyundai
Motor Co., said Wednesday it will go ahead with a plan to take over its affiliate
Hyundai Autonet Co., despite shareholder opposition.
Mobis said it would buy Autonet, which makes audio-visual equipment for cars, for
about 690 billion won (US$479 million) to expand its product lineup. The deal is
subject to approval by shareholders of both Mobis and Autonet on Dec. 17.
"While some institutional shareholders have opposed the takeover plan, we will
push ahead with it as scheduled," Mobis Chief Executive Officer Chung Seok-su
told reporters.
The synergistic effect from the takeover is expected to total 590 billion won in
2015, Chung said.
If the takeover is completed, shareholders of Autonet will receive 0.04 percent
of new Mobis shares for each Autonet share they hold. Autonet investors opposed
the plan, saying they want a higher price.
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