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.
First Half US P/C Industry Underwriting Gain Jumps to $31.7B 
Russian-Speaking Cybercriminals Used SpaceX’s Cursor AI Tool to Hack 7 Companies 
PG&E to Defer $2 Billion of Work After California Shelved Fire Bill 
Nuclear Verdicts Go Boom, Increase 40.7% in 2025 
