AIG consortium set to invest in Hyundai Investment
The US-based AIG consortium notified the government yesterday (Wednesday) that it intends to invest as much as W1.1 trillion ($944 million) in Hyundai Investment Trust and Securities.
According to a high-ranking government official, the government has been talking with a representative of the AIG consortium, now in Seoul, who has the power of attorney, and the government has been asked to share in the investment with the consortium. AIG intends to take a controlling stake in the Hyundai affiliate, the official said.
The consortium's investment could run to as much as W1.1 trillion, and the government will turn its collateralized shares of the Hyundai affiliate into stakes and make further investments if needed, the official said.
The government and the consortium have agreed to complete the ongoing talks by the end of next month.