Orix Corp has given up its bid to acquire Hyundai Securities , without explaining its reasons . Hyundai Group is undergoing renewed efforts to reduce its debt and is looking to sell its securities portfolio as part of this ongoing plan . Analysts suggest that Orix backed out due to negative publicity surrounding the deal . It is expected that investment Securities will meet with Korea Development Bank , who was overseeing the acquisition , to devise a new plan .
Orix Corp has given up its bid to purchase Hyundai Securities, without disclosing its reasons. Hyundai Group is undergoing restructuring efforts to reduce its debt and is looking to sell its securities firm as part of this ongoing plan. Analysts suggest that Orix pulled out due to negative publicity surrounding the deal. It is expected that Hyundai Securities will meet with Korea Development Bank, who was overseeing the acquisition, to devise a new plan.