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Hyundai Heavy to buy CJ Group's broker, asset firm

Thu May 29, 2008 9:49pm EDT

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SEOUL, May 30 (Reuters) - Hyundai Heavy Industries Co Ltd (009540.KS), the world's top shipbuilder, said on Friday it and an affiliate would buy a small South Korean brokerage and an asset management firm from local conglomerate CJ. Under the deal, Hyundai Heavy and affiliated Hyundai Mipo Dockyard Co Ltd (010620.KS) will buy 74 percent of unlisted CJ Investment & Securities Co Ltd. It will also buy 7.4 percent in CJ Asset Management Co Ltd, a unit of CJ Investment, Hyundai Heavy said in a statement.

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No price details were available.

Earlier this week, a local analyst had said that CJ Investment, a small securities house, had attracted four bidders, including Hyundai Heavy and ING Group (ING.AS). (Reporting by Rhee So-eui and Marie-France Han; Editing by Keiron Henderson)

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