Hyundai Group to join final bidding for Hyundai E&C

Hyundai Group has decided to participate in the final bidding for a $2.5 billion-plus controlling stake in Hyundai Engineering & Construction , its flagship unit Hyundai Merchant Marines said on Monday.

The announcement came after creditors-turned-shareholders of the country's largest builder extended the deadline for final bids to Nov. 15 because of this week's G20 summit.

The auction marks a revived battle between two groups split from the original Hyundai, which was torn apart by a family feud in the aftermath of the founder's death.

A spokesman at Korea Exchange Bank, a leading shareholder, said a preferred bidder is expected to be chosen in two or three days after the final bids are closed.

Hyundai Group is hoping to reclaim its ownership that was handed over to creditors in 2001 in the aftermath of the Asian financial crisis, but analysts say cash-rich Hyundai Motor Group <005380.KS> is better placed than Hyundai Group.

In October, the shipping-focused Hyundai Group requested Hyundai E&C shareholders for an option to buy the builder, a source told Reuters.

Hyundai Group and Korea Exchange Bank declined to comment on whether the shareholders grant the option or not.