South Korea’s Hyundai Securities is in negotiations to sell a 20 percent stake to American Insurance Group in a deal that could be worth nearly $1 billion for the Korean firm. “The chairman of Hyundai Securities is now in talks with AIG in New York to raise a total of 1.1 trillion won [$987.3 million],” Hyundai spokesman Kim Shin-hwan told Reuters news service.
“The two sides could strike a deal as early as 10 p.m. tonight.” In June, a U.S. consortium led by AIG signed a memorandum of understanding to invest in Hyundai Investment Trust & Securities and related firms. The plan was seen as a huge shot in the arm to the financial units of Korea’s largest conglomerate as well as a much-needed vote of confidence for the troubled investment trust sector.
Topics AIG
Was this article valuable?
Here are more articles you may enjoy.
‘Catastrophic’ Hack Underscores Public Defender Security Gaps 
Catastrophe Bond Investors Told to Brace for Jamaica Payout 
PHLY Makes Largest Acquisition in Its History With Collector Car Business Expansion 
Don’t Look Now, But Citizens Is No Longer the Largest Property Insurer in Florida 
