Hyundai Group Chairwoman Hyun Jeong Eun failed in an attempt to buy a stake in South Korea’s largest builder, opening up a possible challenge for control of her biggest company from her billionaire brother-in-law.
Hyundai Engineering & Construction Co. , South Korea’s biggest builder, tumbled in Seoul trading after Hyundai Group signed a preliminary agreement to buy a controlling stake, damping speculation the deal may fall apart.
Hyundai Group, the South Korean conglomerate planning to raise 3.3 trillion won ($3.2 billion) from asset sales to ease a cash crunch, is in talks to sell a stake in its logistics unit to Orix Corp. in Japan.
Hyundai Engineering & Construction Co. fell the most in almost two weeks in Seoul after Hyundai Group gave shareholders documents supporting its funding plan for buying a stake in the builder, damping speculation the deal may fall apart.
Hyundai Group Chairwoman Hyun Jeong Eun may have to raise about 4.8 trillion won ($4.2 billion) by the end of next year after beating her billionaire brother-in- law for control of South Korea’s biggest builder.