Three Hyundai Motor firms to bid for Hyundai E&C-source

Three core affiliates of Hyundai Motor Group will be the main members of a consortium bidding for a $2.5 billion-plus controlling stake in Hyundai Engineering & Construction (000720.KS), a source said on Thursday.

Hyundai Motor Group, the world's No.5 group, submitted a preliminary bid for South Korea's largest builder in September, but it has yet to decide on its consortium members. [ID:nTOE68Q051]

"Hyundai Motor (005380.KS), Kia Motors (000270.KS) Hyundai Mobis (012330.KS) have decided to participate in the bidding. But it's subject to change and each firm will make a public announcement on their participation plan on Monday," the high ranking executive at the motor group told Reuters.

The official declined to be named as the decision has not been publicly announced yet ahead of the bid deadline on Monday.

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

Hyundai Group's flagship unit Hyundai Merchant Marines (011200.KS) said on Monday that the group has decided to participate in the final bidding, as the group hopes to reclaim its ownership that was handed over to creditors in 2001 in the aftermath of the Asian financial crisis.