General Electric to sell stake in Hyundai Capital to Hyundai Motor, Fubon

This April 29, 2014, file photo shows the logo of US giant General Electric in Belfort, France.
This April 29, 2014, file photo shows the logo of US giant General Electric in Belfort, France. PHOTO: AFP

SEOUL (REUTERS) - General Electric Co will sell a 43 per cent stake in unlisted Hyundai Capital to Hyundai Motor Group and Taiwan's Fubon Group for up to 1.4 trillion won (S$1.67 billion), the Korea Economic Daily reported on Wednesday (Dec 9), citing unnamed sources.

A unit of GE Capital International Holdings Corp, part of GE, currently owns 43.3 per cent of auto loan firm Hyundai Capital.

GE plans to sell a 23 per cent stake to Hyundai Motor Group and a 20 per cent stake to Fubon Group, the Korea Economic Daily said.

Hyundai Motor Group, which already owns 56.5 per cent of the company, declined to comment.

GE and Fubon could not be immediately reached for comment.