ID :
93921
Wed, 12/09/2009 - 09:33
Auther :
Shortlink :
https://www.oananews.org//node/93921
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Hyundai Heavy to ink deal to buy trading firm this week
SEOUL, Dec. 8 (Yonhap) -- Hyundai Heavy Industries Co., the world's leading shipbuilder, will sign a deal on Thursday to buy a South Korean trading company, company officials said Tuesday.
Hyundai Heavy will buy 50 percent plus one share of Hyundai Corp. for 235 billion
won (US$202 million) from the latter's creditors, they said.
Hyundai Heavy was picked as the preferred bidder for Hyundai Corp. in late
September.
Since last year, the creditors of Hyundai Corp. have been seeking to sell the
trading company, which was bailed out in 2004 through a debt-for-equity swap.
Hyundai Corp. is participating in oil and gas projects in countries such as
Vietnam and Qatar, and has a Chinese shipbuilding venture.
Hyundai Heavy, Hyundai Motor Co. and Hyundai Corp. were part of Hyundai Group
before the conglomerate started breaking up in 1999.
sam@yna.co.kr
(END)
Hyundai Heavy will buy 50 percent plus one share of Hyundai Corp. for 235 billion
won (US$202 million) from the latter's creditors, they said.
Hyundai Heavy was picked as the preferred bidder for Hyundai Corp. in late
September.
Since last year, the creditors of Hyundai Corp. have been seeking to sell the
trading company, which was bailed out in 2004 through a debt-for-equity swap.
Hyundai Corp. is participating in oil and gas projects in countries such as
Vietnam and Qatar, and has a Chinese shipbuilding venture.
Hyundai Heavy, Hyundai Motor Co. and Hyundai Corp. were part of Hyundai Group
before the conglomerate started breaking up in 1999.
sam@yna.co.kr
(END)
