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MarketScreener Homepage  >  Equities  >  KOREA EXCHANGE  >  Hyundai Heavy Industries Co Ltd    009540   KR7009540006

HYUNDAI HEAVY INDUSTRIES CO LTD

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South Korea's Hyundai Heavy Sells Oil Stake to Saudi Aramco for $1.2 Billion

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04/15/2019 | 11:47am EDT

By Costas Paris

South Korea's Hyundai Heavy Industries Holdings Co., the parent company of the world's largest shipbuilder, said it signed a $1.2 billion deal to sell a stake in its oil-refining unit to Saudi Aramco.

The sale's proceeds will help the Hyundai Heavy Industries Co. shipbuilding unit fund its $2 billion acquisition of rival shipyard Daewoo Shipbuilding & Marine Engineering Co., people with knowledge of the deal said. The deal was announced in January.

Hyundai on Monday said in a regulatory filing that it would sell a 17% stake in Hyundai Oilbank Co. to government-owned Aramco, known officially as Saudi Arabian Oil Co., the world's largest crude exporter. The Saudi oil giant also has an option to buy an additional 2.9%.

The merger of Hyundai Heavy and DSME is set to be completed this year and will create a behemoth controlling 20% of the global market for new ships, and an even bigger share of the fast-growing market for liquefied natural gas carriers.

The $2 billion all-stock deal follows $2.25 billion in state liquidity support that Seoul granted DSME following a $2.6 billion bailout in 2017.

The oil deal will make Saudi Aramco the second-largest holder of Hyundai Oilbank. Hyundai Motor Co. holds another 4.3%, and the Hyundai holding parent will retain a 74.1% stake, according to a person with knowledge of the deal.

In a separate deal, Saudi Arabia's Public Investment Fund is looking to sell its 22% stake in national oil shipping company Bahri Oil to Saudi Aramco, shipping executives said.

Bahri is one of the world's top tanker operators, with a fleet of 45 very large crude carriers and 36 chemical product tankers.

Write to Costas Paris at costas.paris@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
DAEWOO SHIPBUILDING & MARINE ENGINEERING End-of-day quote.
HYUNDAI HEAVY INDUSTRIES CO LTD End-of-day quote.
HYUNDAI HEAVY INDUSTRIES HOLDINGS CO LTD End-of-day quote.
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Financials (KRW)
Sales 2019 14 519 B
EBIT 2019 68,3 B
Net income 2019 -29,4 B
Finance 2019 423 B
Yield 2019 0,38%
P/E ratio 2019 -4 017x
P/E ratio 2020 28,4x
EV / Sales2019 558x
EV / Sales2020 483x
Capitalization 8 097 B
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Mean consensus BUY
Number of Analysts 25
Average target price 161 440,00  KRW
Last Close Price 114 500,00  KRW
Spread / Highest target 74,7%
Spread / Average Target 41,0%
Spread / Lowest Target -3,93%
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NameTitle
Oh-Gap Kwon Vice Chairman & Co-Chief Executive Officer
Hwan-Goo Kang President, Co-Chief Executive Officer & Director
Sam-Hyeon Gah President & Director
Young-Chul Cho Chief Financial Officer
Kook-Hyun Yoo Outside Director