Seoul: Korean shipping operator Hyundai Merchant Marine is to make a further $314m issue of redeemable preference shares to help fund a takeover of Hyundai Engineering & Construction. HEC was the parent company of the Hyundai Group but had to be bailed out after the 1997 Asian financial crisis and is 65% owned by its creditors lkead by Korea Exchange Bank and the Korea Development. They want out now that HEC has been restructured and HMM is to sell 20m shares at Won15,000 each to fund its bid having raised Won420bn for the same purpose in June. Other Hyundai companies are said to be interested also in mounting bids for HEC. (17/10/06)
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