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Acquisition of engineering affiliate floated as part of plan
Hyun Jeong-eun, chairwoman of Hyundai Group, reaffirmed her will to rebuild the beleaguered company as an industry leader through the acquisition of Hyundai Engineering & Construction Co. In a press conference held after the event marking the third anniversary of the suicide death of her husband, former chairman Chung Mong-hun, who stood accused of murky financial transactions at the time of his death, Hyun said, "Hyundai E & C used to belong to Hyundai Group, and the late chairman Chung made a lot of efforts to revive the embattled company." Hyun added, "We have put top priority on the acquisition of Hyundai E&C during the second half of this year," Hyun noted that Hyundai Group has plenty of cash reserves and a successful rights issue by Hyundai Merchant Marine Co. will strengthen its financial position to purchase the construction company."...We are discussing the details of the acquisition matter with a third party," Hyun added. As for a recent power struggle with Hyundai Heavy Industries Co., Hyun expressed discontent over an acquisition attempt by the company, saying, "In capitalism, an M&A is commonplace and the winner-takes-all system prevails... However, such a thing should not happen among family members. I believe there is something more important in our life than economic principles." Hyun went on to say that inter-Korean economic cooperation projects by Hyundai Group, which have seen many challenges, will be pursued as scheduled. As for an envisioned tourism project that has been on hold for the past year in the North`s Gaeseong, Hyun also showed her strong will to go ahead with the plan. "The project was what the late Chung and his North Korean counterparts had agreed upon, and we have made an investment. I hope we will be able to continue the business," Hyun said of the Gaeseong tourist project. Meanwhile, Hyundai Group said that Pyongyang sent a letter to Hyundai Asan Corp. to express its condolences over Chung's death three years ago, and affirmed its alliance with the company in pushing for such inter-Korean economic projects as tourism to Mount Geumgang (Kumkang), projects which the late chairman cherished while he was alive
