Deals
Korea Aerospace Jumps on Hyundai Heavy’s Stake Bid: Seoul Mover
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Korea Aerospace Industries Ltd. surged the most in more than a year in Seoul after Hyundai Heavy Industries Co. offered to buy a stake in the maker of supersonic trainer jets, rivaling a bid from Korean Air Lines Co.
The planemaker jumped 15 percent, the most since its June 2011 trading debut, after shipbuilder Hyundai Heavy offered to buy a 42 percent shareholding being sold by investors led by Korea Finance Corp. The stake is worth $1.02 billion, based on today’s closing price.