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HMM announces rights issue to fund construction firm takeover

HMM announces rights issue to fund construction firm takeover

Seoul: Hyundai Group said on Monday that it is planning a multi-trillion-won rights issue via the French unit of its shipping line,  Hyundai Merchant Marine, to fund its $4.8 billion purchase of a 35% stake in Hyundai Engineering & Construction Co Ltd.
The rights offering announcement is Hyundai Group's latest effort to shrug off concerns over its funding plans as Hyundai E&C creditors will decide by 22 December whether to end talks on the $4.8 billion sale.  [20/12/10]

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