Hyundai Motor Group owns 56.5% of the company already and could be snapping up 43% in tandem with Fubon.
General Electric Co will be selling off its 43% stake in the unlisted Hyundai Capital to the Fubon Group from Taiwan and Hyundai Motor Group according to reports. The deal size could go up to a whopping 1.4 trillion won or $1.19 billion according to the Korea Economic Daily. This deal has been followed keenly by industry experts and market sources for its strategic relevance in recent times.
One of the world’s best known car manufacturers with a sizeable presence in markets like India, Hyundai Motor Co already owns 56.5% of Hyundai Capital as per market figures. This deal could bolster its overall ownership and help it steer the company as a subsidiary of its automobile division. GE Capital International Holdings Corp’s unit is the present owner of the stake to be sold. The automobile loan firm Hyundai Capital will see 23% of its stake divested to Hyundai Motor Group while the remaining 20% will be snapped up by the Fubon Group. There was no immediate comment from the Fubon Group or GE.