Hyundai Motor stock soars on GM partnership

Hyundai Motor Co. CI

Hyundai Motor Co. saw its shares rise by more than 2 percent on Friday morning after the company announced its partnership with General Motors Co. (GM).

Shares of Hyundai Motor were up 2.37 percent at 237,500 won ($178) as of 11:13 a.m. Earlier, the stock rose as much as 3.66 percent.

The partnership includes joint development and production of new vehicles and engines, advancements in electric and hydrogen energy technologies, and supply chain management cooperation for battery materials and steel.

Meanwhile, Amorepacific Corp. shares dipped by nearly 6 percent as concerns about the company’s third-quarter performance weighed on the market. As of 11:15 a.m., Amorepacific shares were down 5.87 percent, trading at 141,100 won.

Korea Investment & Securities projected that Amorepacific’s third-quarter operating profit would fall 15 percent below the market consensus.

Korea Zinc shares soared by more than 19 percent on Friday following expectations of an intensified management dispute due to a tender offer from private equity firm MBK Partners and major shareholder Young Poong.

As of 11:15 a.m., Korea Zinc’s stock had jumped 19.06 percent to 662,000 won, with shares hitting a 52-week high of 690,000 won in the morning. Young Poong and Young Poong Precision shares also hit the daily price ceiling.

MBK Partners and Young Poong announced a public tender offer for Korea Zinc shares to secure stable management control.

The offer, which runs from Friday until October 4, is priced at 660,000 won apiece, with MBK Partners and Young Poong seeking to acquire between 7 and 14.6 percent of Korea Zinc. The total value of the tender offer is estimated to be around 2 trillion won.