Hyundai Heavy, two others vying for acquisition of Hyundai Corp

SEOUL, March 31 (Yonhap) -- Hyundai Heavy Industries Co. and two other companies
on Tuesday submitted preliminary bids for Hyundai Corp., a South Korean trading
company, industry sources said.
BNG Steel Co. and Q Capital Partners Co. also separately submitted letters of
intent for more than a 50 percent stake in Hyundai Corp., according to the
sources.
Creditors of Hyundai, led by the state-run Korea Development Bank (KDB) and Woori
Bank have been seeking to sell the trading company since last year. Hyundai Corp.
was bailed out by the creditors in 2004 through a debt-for-equity swap.
Late last year, the creditors extended the workout debt program for Hyundai for
one year due to the global economic credit crunch, though the trading company
normalized its business operations.
A primary bidder will be selected in early May, and the creditors plan to
complete the sale of Hyundai Corp before July, according to the sources.
KDB holds the biggest stake of 22.53 percent in Hyundai Corp., followed by Woori
Bank with a 22.48-percent stake and Korea Exchange Bank with a 14.14 percent
stake.
sam@yna.co.kr
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