GE seeks to sell remaining Hyundai Capital stake: Hyundai Motor

Tue Jun 21, 2016 4:46am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

SEOUL (Reuters) - South Korean car maker Hyundai Motor Co (005380.KS: Quote) said on Tuesday General Electric (GE.N: Quote) seeks to sell out of its 20 percent stake in their joint venture, unlisted lender Hyundai Capital, to a third party.

It did not offer any details.

Hyundai Motor and affiliate Kia Motors (000270.KS: Quote) in December agreed to buy a 23.3 percent stake in Hyundai Capital from GE for 703 billion won ($610.15 million). Hyundai said at the time it could buy the remaining 20 percent GE has in Hyundai Capital in the future.

Hyundai and Kia now own nearly 80 percent of Hyundai Capital.

(Reporting by Se Young Lee; Editing by Muralikumar Anantharaman)

The logo of  General Electric is shown at their subsidiary company GE Aviation in Santa Ana, California April 13, 2016.  REUTERS/Mike Blake