180-million-block-of-hyundai-steel-shares-changes-hands

$180 million block of Hyundai Steel shares changes hands

The first of three planned sell-downs in group units by Hyundai Capital is achieved at a tight discount.

Hyundai Capital Services, the automotive financing arm of Hyundai Motor, has sold $180 million worth of stock in Hyundai Steel in the first of three planned divestment exercises which will also include selling shares in Hyundai Motors and Kia Motors.

The block trade, which was launched after the Korean market closed yesterday, saw good demand from domestic investors in particular even though it was priced at a tight 2.65% discount to the most recent market price. The relative scarcity of Korean deals this year helped to boost the deal's attraction.

The offer was jointly led by ABN AMRO Rothschild and JPMorgan and comprised 5.39...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222