Hyundai Motor To Buy $2.7B Stake In Hyundai E&C

Law360, New York (March 4, 2011, 7:26 PM EST) -- Hyundai Motor Co. told regulators Friday that it planned to pay nearly $2.7 billion in cash for a 20.9 percent stake in Hyundai Engineering and Construction Co. Ltd., South Korea's largest builder.

Under the deal, Hyundai Motor will pick up more than 23 million shares in Hyundai E&C.

Hyundai Motor said in a corporate disclosure to the Korea Stock Exchange that the deal still awaited government approval and could change depending on the regulatory process.

The automaker said it planned to enter into the stock purchase...
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