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Hyundai,
South Korea
Hyundai is looking to expand and the South Korean automaker has its eyes set on its nations largest construction firm, Hyundai Engineering. The Hyundai Motor Group, led by Chairman
Chung Mong Koo, is seeking majority ownership in the building company and has just gotten a boost towards its goal thanks to the removal of a major roadblock.
Hyundai Group, which is chaired by Chung Moo Koo's sister in-law Hyun Jeong Eun, was attempting to prevent Hyundai Motor Company from bidding on Hyundai Engineering. This attempt was blocked by the court and Chung Moo Koo is now free to bid on a stake in the construction company. If his group is successful, he will own the majority share of a major arm of his sister in-law's business group.
If you're into top-level business merger and acquisition stories, this is a truly dramatic one. However, this seems to be a bit less Thomas Crown and a tad more Gordon Gecko...
[Source:
Bloomberg | Image: Hong Jim-Hwan/AFP/Getty Images]
Hyundai reportedly eying majority stake in S. Korea's largest construction firm originally appeared on
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12-01-2011, 09:00 PM
