Hyundai Heavy sells $614 million stake in Hyundai Motor

The deal comes at a 3.7% discount and follows a bounce in the Korean automaker's share price amid hopes further work stoppages may be avoided.

Hyundai Heavy sells $614 million stake in Hyundai Motor
Sale of Hyundai Motor stake will help Hyundai Heavy offset weak sales in Europe

A block of shares in Hyundai Motor, Korea’s biggest carmaker, changed hands last night as Hyundai Heavy Industries took advantage of a recent bounce in the share price to raise some capital. The Korean shipbuilder raised W704.75 billion $614 million after pricing the deal slightly above the bottom of the range.

The deal, which exceeded KCC’s $601 million January sell-down in Hyundai Heavy as the largest equity capital markets transaction in Korea this...

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