HMM shares on the rise as bid for construction firm falters

Seoul: Hyundai Merchant Marine rose in early trading on the Seoul bourse today after an Edaily report that indicated its unlisted parent, Hyundai Group, may have trouble in going ahead with a takeover bid for Hyundai Engineering & Construction. The report said documents submitted by Hyundai Group on its funding plans were "insufficient."
Hyundai Merchant gained 7.7 percent to 42,850 won as of 9:44 a.m. on the Korea Exchange. The benchmark Kospi stock index fell 0.1 percent. "Investors are buying shares of Hyundai Group units, betting that chances of them losing preferred bidder status will increase," said Kang Seong Jin, an analyst at Tong Yang Securities Inc.  [16/12/10]