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]