Hyundai Motor Group was designated as the preferred bidder for Hyundai Engineering & Construction on Friday.At the shareholder’s meeting held in downtown Seoul, Hyundai E&C’s eight major creditors approved the proposal by main creditor Korea Exchange Bank that they would push for signing a memorandum of understanding to sell the nation’s largest builder to the automobile giant.It has been reported

Jan. 7, 2011

Financial groups offer to take over troubled secondary institutionsThe government and large banking groups are coming to the rescue of the savings banks industry to prevent their debt crisis from harming the financial system. The extent of urgency in the secondary banking industry could be seen from the remarks of Financial Services Commission Chairman Kim Seok-dong and chiefs of major financial g

Jan. 6, 2011

A Seoul court on Tuesday supported Hyundai Construction and Engineering creditors’ cancellation of a preliminary contract to sell their controlling stakes to Hyundai Group.The ruling cleared the way for them to open negotiations with Hyundai Motor Group, which was initially beat out in one of Korea’s biggest acquisition battles.Creditors including Korea Exchange Bank said that they would decide so

Jan. 4, 2011

Kim Seok-dong, new chief of the Financial Services Commission, said Monday that the financial regulator will actively intervene in the market if necessary for stability.“To secure order and stabilize the market, the authority will take stern measures. On the other hand, the authority will guarantee sufficient autonomy for the sake of reform and development of the market,” he told reporters after t

Jan. 3, 2011