Shareholders of Hyundai Mobis approve acquisition of Hyundai Autonet

SEOUL, Dec. 17 (Yonhap) -- Shareholders of Hyundai Mobis Co., the auto-parts
affiliate of Hyundai Motor Co. approved a plan to acquire its affiliate Hyundai
Autonet Co. for about 690 billion won (US$506 million), Mobis said Wednesday.

The planned acquisition of Autonet, which makes audio-visual equipment for cars,
will give a crucial gateway for expansion plans of Mobis, company officials said.
The plan also needs to win approval from Autonet shareholders.
Previously, Mobis Chief Executive Officer Chung Seok-su said the synergistic
effect from the acquisition is expected to total 590 billion won in 2015.
If the takeover is completed, shareholders of Autonet will receive 0.04 percent
of new Mobis shares for each Autonet share they hold. Autonet investors opposed
the plan, saying they want a higher price.
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