September 06, 2008

Hyundai chief renews bid for Hyundai Engineering

Yonhap reported that the chairwoman of South Korea's Hyundai Group renewed her strong determination to take over its former affiliate Hyundai Engineering and Construction Co saying the group would buy a controlling stake in the builder whatever it costs.

Ms Hyun Jeong eun told reporters that "Let me clarify again that Hyundai Group will acquire Hyunda Engineering whatever it costs.”

As per report nine creditors, including Korea Exchange Bank are planning to sell a 49.7% stake in Hyundai Engineering, which has a market value of some USD 10 billion by the end of 2008.