Abu Dhabi's IPIC ordered to sell Hyundai Oilbank stake - Business Intelligence Middle East - bi-me.com - News, analysis, reports

A South Korean court on Friday ruled in favor of Hyundai Heavy Industries Co. to enforce an international ruling that the shipbuilder has a right to repurchase shares of a local oil refiner from Abu Dhabi-based International Petroleum Investment Co.(IPIC).

In December of last year, Hyundai Heavy, the world's largest shipbuilder, filed a suit against IPIC to enforce the International Court of Arbitration's ruling that confirms its right to buy back shares of Hyundai Oilbank Corp., the country's fourth-largest refiner.

In November, the arbitration court ruled that the Abu Dhabi-based firm must sell back its stake in the refiner to Hyundai Heavy for KRW15,000 (US$$12.5) per share, a transaction valued at around KRW2.6 trillion.