South Korea: preferred bidders named in US$567m Hyundai deal

Hanil Cement Company and LK Investment Partners have been named as the preferred bidders to acquire Hyundai Cement, reports South Korea's Pulse.

The two firms submitted a bid of KRW650bn (US$567m) for an 84.56 per cent stake in Hyundai. The acquisition would make Hanil Cement the largest producer in South Korea, with a market share of more than 30 per cent.

The bid values Hyundai at nearly 60 per more than its current market capitalisation of KRW486bn. A final deal is expected to be signed in May.