Hyundai Heavy sells stake at Hyundai Motor for US$617 Million

The world’s largest shipbuilder, Hyundai Heavy Industries Co., sold a KRW705 billion (US$621 million) stake in Hyundai Motor Co. after one of its units, Hyundai Oilbank Co., shelved its initial public offering plan. Hyundai Heavy sold 3.2 million shares of South Korea’s biggest carmaker at KRW220,000 (US$193.77) per share. As a result of the stake sale, Hyundai Heavy’s holding in Hyundai Motor was reduced to 2%. (July 17, 2012 )