Friday, January 22, 2010

General Electric agrees to buy Hyundai shares

General Electric Co, the world's second largest car manufacturer plans to expand its business in South Korea and agreed to buy Hyundai Motors share in their credit card unit. General Motors GE, that's based in Fairfield, Connecticut, will buy 204 billion won ($199 million) shares in the Hyundai Motors credit-card unit from South korea's largest automaker.

Hyundai Logo

GE would buy shares from Hyundai Motor’s new equity issued by the credit-card company, that would bring its stake to 43%, Edaily reported. This share would enhance and expand GE's alliance with Hyundai Motors, ie South Korea's second largest automobile manufacturer. With this GE joins the league of Samsung, LG to recapitalize their credit card business.

The filing of the sharing mentions that GE would attain these shares in September. In order to buy the new-share credit the automaker would invest 143 billion dollars.

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