NEW YORK: Prudential Financial Inc has agreed to buy an 80% stake in Hyundai Group’s ailing money management operations for US$400mil, strengthening the US No. 2 life insurer’s foothold in South Korea.
The sale of unlisted Hyundai Investment & Securities Co and its Hyundai Investment Trust Management Co unit has been in the works for more than three years, as the South Korean government looked to sell companies hurt by the Asian financial crisis of the late 1990s to foreign buyers as part of its corporate reforms.
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