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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (56859)	12/4/2001 3:52:47 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Tuesday December 4, 3:33 PM Korea Hyundai Sec stock up on progress in AIG talks SEOUL, Dec 4 (Reuters) - Hyundai Securities Co <03450.KS> shares ended at a 17-month high on Tuesday on hopes its sale talks with American International Group (AIG) are moving towards concluding what would be South Korea's largest foreign investment. sg.biz.yahoo.com Jin Nyum, Finance and Economy Minister, told reporters on Tuesday the U.S. group has shown a positive move in the talks after an initial agreement on the $868 million acquisition was signed in August. Hyundai Securities rose 2.6 percent to 11,700 won, its highest finish since July 13 of last year, while the sub-index of brokerages <.KS53> fell 1.2 percent and the broader Kospi index <.KS11> ended down 0.12 percent. The transaction is seen as a milestone in Korea's financial reforms, as the government is seeking to find buyers of troubled companies to stem the fallout their failure would bring to the slowing economy. AIG has dropped several demands and offered to buy common shares of Hyundai Securities, instead of preferred shares, and Hyundai agreed to accept the proposal, a Hyundai official told Reuters. The two sides are discussing the new price of common shares and options to share gains in the future, the official said.