Hyundai Heavy Industries bids for stake in KAI

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Hyundai Heavy Industries has thrown in a bid for a stake in Korea Aerospace Industries (KAI), reviving the share sale that was almost scrapped because of a lack of offers.

The shipbuilder placed its bid on 27 September, the deadline for the preliminary bid submission, says an official from state-owned Korea Finance Corporation (KoFC), KAI's shareholder.

A second bid was called last week after the first one fell through because Korean laws require at least two bids to proceed with a sale. Only Korean Air had expressed interest in the first round.

Hyundai Heavy will now compete with Korean Air to take a stake in the aircraft manufacturer.

KAI announced on 31 July that six of its shareholders are offering to sell a combined 41.75% stake in the company, 11.4% of which is held by KoFC.

Final offers for the stake will be made next month.