Data provided by Lloyd's List IntelligenceProposed deal to spend $4.8bn to acquire construction unit is unpopular with investors
SHARE’s in South Korea’s second largest shipping company, Hyundai Merchant Marine, were up more than 11% on the Seoul exchange today on growing speculation that a bid by an HMM-led consortium may not go ahead, according to reports by Reuters.
The Hyundai group’s bid for ailing Hyundai Engineering & Construction had been in doubt since almost immediately after the group’s victory over a rival bid from Hyundai Motor group was announced last week.
The proposed deal had been unpopular with investors who accused the consortium of overpaying for the financially troubled Hyundai E&C and questioned the ability of HMM to raise sufficient funds to finance its $4.8bn purchase of a controlling stake in the construction company.
A former president of the world’s largest shipbuilder Hyundai Heavy Industries has been re-assigned as chief executive officer of affiliate Hyundai Samho Heavy Industries.
Oh Byung Wook had worked as co-president with Lee Jai-seong. Mr Oh take up his new post as of December 1.
Oh Byung Wook had worked as co-president with Lee Jai-seong. Mr Oh take up his new post as of December 1.
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