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EU OKAYS TAKEOVER OF KOREA'S HMM AUTO SHIPPING DIVISION.
SEOUL, Dec 2 Asia Pulse - Wrapping up an anti-trust review, the European Union (EU) has given the green light to a plan to take over the auto-shipping division of Hyundai Merchant Marine (HMM), the Korea Development Bank (KDB) said.
The approval paves the way for the state-run bank, HMM's main creditor, to receive US$1.25 billion, excluding ship financing, from a joint venture consisting of European shipping giant Wallenius Wilhelmsen Lines (WWL), Hyundai Motor and Kia Motors.
"The EU's anti-trust review was concluded with no charges against the joint venture, EUKOR Car Carriers Inc., so the sale of HMM's auto-shipping division was wrapped up successfully," a KDB official said.
"Proceeds from sale will be forwarded to us very soon."
The two Korean automakers signed a formal contract with WWL in August on the establishment of the joint venture to take over and operate HMM's auto-shipping unit. Hyundai and Kia will have a 20 percent stake in the new venture that will be funded at US$300 million.
Prior to concluding the contract with WWL, the two automakers also signed a deal with HMM granting the new joint ...
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Source: HighBeam Research, EU OKAYS TAKEOVER OF KOREA'S HMM AUTO SHIPPING DIVISION.