Orix Gives Up Acquiring Hyundai Securities
Orix Gives Up Acquiring Hyundai Securities
  • By Oh Hae-young (info@koreaittimes.com)
  • 승인 2015.10.21 12:01
  • 댓글 0
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Japanese private equity firm Orix's efforts to buy Hyundai Securities came to nothing. The securities' largest shareholder Hyundai Merchant Marine said, "Trading deal concerning to Hyundai Securities was canceled," in its regulatory filing.

According to financial experts, Orix told Hyundai it would not extend the contract period for its takeover.

Orix said, "Regarding a Japanese firm's attempt to buy a Korean securities, there have been many speculations and criticisms and we felt pressured for that."

With the attempt wounding up in failure, Hyundai Securities now faces a challenge for its rehabilitation plan of Hyundai Securities, market insiders said.

In December of 2013, Hyundai Group announced its rehabilitation plan worth a total of 3.3 trillion won to overhaul its financial structure. So far, the company carried out around 2.9 trillion won out of the plan. If the sell-off of Hyundai Securities went as planned, they would have completed the plan.

Hyundai Group is reportedly to complete the plan by issuing permanent convertible bond valued at 300 billion won through Hyundai Bulk Line, a subsidiary of Hyundai Merchant Marine.


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