VOL. XLII

No 51

20-December-1999

UAE

Koreas Hyundai Shareholders Approve Abu Dhabis IPICTakeover

Shareholders of South Koreas Hyundai Oil Refinery Company(HDO) a subsidiary of the Hyundai Group approved in early December anagreement for the Abu Dhabi Governments downstream oil investment arm,International Petroleum Investment Corporation (IPIC) to acquire a 50% controllinginterest in it. Under the agreement, signed in Abu Dhabi on 1 November, HDOwill retain the other 50% share (MEES, 25...