HHI divests Hyundai Motor stake

Surprise placement by ex-Hyundai Motor affiliate, Hyundai Heavy Industries.

Hyundai Heavy Industries HHI took advantage of a strong day on the Korean Stock Exchange yesterday Thursday to divest a 1.5% stake in Hyundai Motor. The placement follows a formal separation between the two companies and almost clears out HHI's 3.7 million share stake in the motor manufacturer.

Credit Suisse First Boston led the deal, which was marketed at a fixed discount of 1.8% to the stock's Won 41,500 close. A total of 3.2 million shares were sold, raising $112 million.

The discount was aggressive in the context of a share price that had spiked 3.5% on the day, but has been on a downward trend...

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