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HHI in talks to acquire financial units in CJ Group

HHI in talks to acquire financial units in CJ Group

Seoul: South Korea's Hyundai Heavy Industries plans to improve its asset management and ship financing capabilities through the acquisition of holdings in two units of the CJ Group, reports Bloomberg. "We are in detailed talks to buy the stakes in CJ Investment & Securities Co. and CJ Asset Management Co. and will make an announcement when details are finalised,'' the Ulsan- based shipbuilder is reported to have said in a filing yesterday. The stakes are worth about 800bn won ($770m), the Korea Economic Daily reported, citing unidentified industry officials.

Hyundai Heavy, the world's biggest shipyard, and units Hyundai Mipo Dockyard Co. and Hyundai Samho Heavy Industries Co. have combined cash assets of about 6 trillion won, and may report record earnings for a fourth year. The acquisition is expected to allow Hyundai Heavy to fund expansion and help customers finance costlier ships.

The acquisition would be the first for Hyundai Heavy since 2002 when it bought rival Hyundai Samho Heavy for 100bn won. Hyundai Heavy plans to seek board approval for the purchase tomorrow, the Korea Economic Daily said.  [29/05/08]

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