Taihan Electric sells Prysmian stake for US$348 million
Thursday, Feb 04, 2010
South Korea's Taihan Electric Wire said on Thursday it raised about 400 billion won ($348 million) from the sale of its stake in Italian cable maker Prysmian SpA to improve its financial base.
Taihan said in a statement released in Seoul the 9.9 percent stake in Prysmian was sold to overseas institutional investors in a block deal. It is selling non-core assets including stakes held in other firms to reduce its debt level.
Source: Reuters
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