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Hyundai Heavy sells minority stake to Saudi Aramco
April 16, 2019
Source: Wall Street Journal

Hyundai Heavy sells minority stake to Saudi Aramco

In a regulatory filing yesterday, South Korean conglomerate, Hyundai Heavy informed about signing a $1.2 billion-agreement with oil giant, Saudi Aramco to sell a minority stake of Hyundai Oilbank. If sources were to be believed, Hyundai will use proceeds from the sale to fund its $2 billion acquisition of rival Daewoo Shipbuilding & Marine Engineering.

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