Hyundai Sec. Says Near Deal with AIG

August 28, 2000

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.

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.

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