Hyundai Heavy Industries, the world's largest shipbuilder, is set to buy a controlling stake in Hyundai Corp for 201.5 billion won. Hyundai Corp is also a former part of the Hyundai Group, a trading arm currently owned by creditors.
Korea Exchange Bank, Hyundai Corp's leading creditor, says the acquisition "will help Hyundai Corp boost its trading business and invest in overseas resources development for its long-term growth."
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