HYUNDAI BOARD APPROVES $1.5-BILLLION SALE OF CAR BUSINESS
The board of directors of Hyundai Merchant Marine has approved the $1.5-billion sale of the company’s car division to a consortium led by the Scandinavian shipping groups Wilh. Wilhelmsen ASA and Wallenius Lines AB.
Under the sale transaction, Hyundai Motor and Kia Motors, two affiliates within the Hyundai group, will have minority shares in the consortium.
A spokesman for Hyundai Merchant Marine said that the company is now waiting for the boards of directors of Hyundai Motor Co. and Kia Motors Corp. to also approve the transaction.