Hyundai Heavy Industries Co. said International Petroleum Investment Co. has agreed to sell Hyundai Oilbank Co. to the world’s biggest shipyard for US$2.2 billion after two courts ruled in favor of the transaction.
The Abu Dhabi government investment arm and Hyundai Heavy signed an agreement yesterday, the shipyard said in a regulatory filing today. Sally Cho, a spokeswoman at a public relations firm representing IPIC, said she is checking the agreement.
Last month, Seoul Central District Court confirmed the right of Hyundai Heavy to buy the South Korean refiner from IPIC, backing a ruling in Singapore last year. IPIC appealed the decision to the Seoul High Court at the end of July."
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