Shareholders approve merger of Hyundai Steel and Hyundai Hysco

Expected to be finalised before 1 July

Shareholders in Hyundai's steel manufacturing affiliates Hyundai Steel and Hyundai Hysco have approved the proposed merger of the two companies, reports Yonhap News Agency. The move comes after the deal was approved by the companies' board of directors at a meeting in April. The merger is expected to be finalised before 1 July, and the resulting merged entity will have combined assets worth KRW31 trillion (USD27.9 billion) and sales revenues of KRW20 trillion a year. The minority shareholders who are not in favour of the merger are expected to sell their shares in Hyundai Steel at a price of KRW72,100 per share, and in Hyundai Hysco for KRW63,552 per share, according to the report.