Hyundai Heavy Says IPIC Agrees to Sell Oilbank Stake

Hyundai Heavy Industries Co. said International Petroleum Investment Co. has agreed to sell Hyundai Oilbank Co. to the world’s biggest shipyard for $2.2 billion after two courts ruled in favor of the transaction.

The Abu Dhabi government investment arm and Hyundai Heavy signed an agreement yesterday, the shipyard said in a regulatory filing today. Sally Cho, a spokeswoman at a public relations firm representing IPIC, said she is checking the agreement.