Hyundai Corporation Terminates Memorandum of Understanding for Acquisition of Domestic Mechanical Parts and Materials Company Shares

[Asia Economy Reporter Lee Jung-yoon] Hyundai Corporation announced on the 26th that it has decided to terminate the memorandum of understanding (MOU) related to the acquisition of shares in a domestic machinery parts materials company.

Previously, on December 3rd of last year, Hyundai Corporation signed an MOU for the transaction and disclosed it as a major management matter related to investment decisions. However, after conducting due diligence and negotiations, the target company for the share acquisition terminated the MOU on this day, and Hyundai Corporation decided not to proceed with the stock purchase agreement.