SEOUL, South Korea—Shares of Korea's largest automakerHyundai dropped 9% after the company agreed to paythree times the assessed value of a large, centralproperty that will become its headquarters and an auto-themedtourist park.
The $10.14 billion (10.6 trillion won) bid wasalso more than twice that of Samsung, the only other qualifiedbidder for the electric utility property, according to mediareports. It is certainly the largest deal in Korea since theeconomic collapse, and is most likely the nation's priciest realestate transaction ever.
Reuters said investors and analysts were shocked at theHyundai was willing to pay for the site.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
