According to Reuters, Hyundai Heavy Industries will be seeking a court injunction in South Korea to stop International Petroleum Investment Company (IPIC) from selling its stake in the refiner to a third party company.
Hyundai Heavy stated in a Korea Exchange filing that IPIC had violated an earlier shareholder agreement with the Hyundai group of companies and it subsequently notified IPIC that it will exercise a deemed offer for IPIC’s entire 70% stake in Hyundai Oilbank, reported the news source.
Hyundai Heavy, which owns 19.87% of Hyundai Oilbank, also requested judgment from a mediation body under Singapore’s International Chamber of Commerce. If IPIC declines Hyundai Heavy’s offer, the process can go forward only through mediation, reported Reuters.
