Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Hyundai Group submits documents in battle to take over construction firm

Seoul: Hyundai Group submitted more documents yesterday just ahead of a deadline to clear up suspicions about the conditions of a loan to help finance its takeover of Hyundai Engineering & Construction. This is the latest development in a long running saga covered in the past two issues of Seatrade Asia Week. ?The new loan confirmation document states that Hyundai Group, in which Hyundai Merchant Marine is the largest revenue earner, did not offer collateral or involve third parties in securing 1.2trn won ($1.1bn) from French investment bank Natixis. It will now be up to Hyundai E&C's creditors to decide whether to accept the document as legally binding or else begin the process of canceling Hyundai Group's bid for Korea's biggest builder.?The creditors, led by Korea Exchange Bank, had threatened to cancel the sales deal with Hyundai Group unless more information was given on the loan agreement. [15/12/10]

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish