Bloomberg News
NEW YORK A consortium led by American International Group said Wednesday that it had agreed to buy a controlling interest in three financial affiliates of the Korean conglomerate Hyundai Group for $856 million.
The three are Hyundai Investment Trust and Securities Co., Hyundai Securities Co., and Hyundai Investment Trust Management Co. The last came close to failing during the Asian financial crisis.
The investment would give the AIG-led group 250 outlets from which to offer financial services in Korea. The group also includes the California Employees Retirement System, G.E. Capital Corp., the State of Wisconsin Investment Board, and a U.S. unit of the Dutch insurer Aegon NV.
More details on the agreement were to be announced today. The pact, which took 14 months to complete, may help Korea regain foreign investors confidence, which was damaged by slow progress in other asset sales.
