Hyundai Heavy bids for planemaker as orders fall

Hyundai Heavy Industries, the world's biggest shipbuilder, has made a preliminary bid for an US$890 million stake in planemaker Korea Aerospace Industries to pare its reliance on the shrinking market for new vessels.

Hyundai Heavy's and Korean Air Lines filed offers for a 42 per cent shareholding yesterday, according to Korea Finance Corp, which is among investors selling shares.

The bidders will get to inspect the planemaker's books before making final offers next month. The stake's value was based on yesterday's closing price.

via Business feed http://www.scmp.com/business/companies/article/1049776/hyundai-heavy-bids-planemaker-orders-fall