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Hyundai Motor says no decision yet over GE stake in Hyundai Capital
By 임정요Published : July 8, 2016 - 11:41
South Korea's carmaking giant Hyundai Motor Group said Friday no decision has been made yet over whether it will buy a 20-percent stake in its auto finance unit, Hyundai Capital, from its U.S. partner, General Electric Co.
GE acquired a 43.3-percent stake in Hyundai Capital from Hyundai Motor Group for 620 billion won ($535 million) in 2004.
Last year, the U.S. company sold 20.1-percent and 3.2-percent stakes in Hyundai Capital to Kia Motors and Hyundai Motor -- the flagship units of Hyundai Motor Group -- for 607.1 billion won and 96.6 billion won, respectively.
The sale raised Hyundai Motor Group's stakes in Hyundai Capital to 80 percent.
GE has put up its remaining 20-percent stake in Hyundai Capital for sale in the market, though no company has come for the stake.
"GE is pushing to sell the 20-percent stake," a Hyundai Motor Group official said. "Still, no decision has been made yet on whether we will buy the 20-percent stake." The official asked not to be identified, citing policy.
GE officials were not immediately reached for comment. (Yonhap)
GE acquired a 43.3-percent stake in Hyundai Capital from Hyundai Motor Group for 620 billion won ($535 million) in 2004.
Last year, the U.S. company sold 20.1-percent and 3.2-percent stakes in Hyundai Capital to Kia Motors and Hyundai Motor -- the flagship units of Hyundai Motor Group -- for 607.1 billion won and 96.6 billion won, respectively.
The sale raised Hyundai Motor Group's stakes in Hyundai Capital to 80 percent.
GE has put up its remaining 20-percent stake in Hyundai Capital for sale in the market, though no company has come for the stake.
"GE is pushing to sell the 20-percent stake," a Hyundai Motor Group official said. "Still, no decision has been made yet on whether we will buy the 20-percent stake." The official asked not to be identified, citing policy.
GE officials were not immediately reached for comment. (Yonhap)
