HYUNDAI HEAVY INKS ACQUISITION OF SISTER TRADING FIRM

Hyundai Heavy Industries Co. (KSE:009540), the world's leading shipbuilder, said Thursday it has signed a deal to buy its former sister firm, Hyundai Corp. Hyundai Heavy purchased 50 per cent plus one share of the trading firm from its creditors for 235 billion won (US$202 million).
Hyundai Heavy was picked as the preferred bidder for Hyundai Corp. in late September. The firm's creditors have been seeking to sell the trading company since last year. It was bailed out in 2004 through a debt-for-equity swap.
Hyundai Corp. is active in oil and gas projects in Vietnam and Qatar, among other countries, and has a Chinese shipbuilding venture.
Hyundai Heavy, Hyundai Motor Co. and Hyundai Corp. were all part of Hyundai Group before the conglomerate started breaking up in 1999.