INI Steel may fail to acquire Hanbo Steel in last minute hitch

Friday, 17 September 2004 17:46:58 (GMT+3)   |  
       

INI Steel may fail to acquire Hanbo Steel in last minute hitch

According to market sources, in a last minute hitch the INI Steel – Hyundai Hysco consortium may be unable to complete its acquisition of Hanbo Steel due to a delay in the Seoul central district court's approval of the acquisition. Yesterday, SteelOrbis reported that South Korea's Fair Trade Commission (FTC) gave conditional approval to the consortium's bid to takeover the bankrupt steel producer and that the takeover was expected to be completed by Tuesday of next week. However, it is reported that today the takeover deal encountered a new obstacle because of the court's decision to delay its approval of the deal following a lawsuit filed by a failed bidder AK Capital. AK Capital, a South Korean investment firm, opened two separate lawsuits against Hanbo and creditor Korea Asset Management, claiming that a provisional deal it concluded last year to buy Hanbo had been unfairly cancelled, and demanding a total of $2 billion in compensation.

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