GE in talks to sell stake in South Korea finance JVs - WSJ

(Reuters) – General Electric Co is in early stage talks to sell its stakes worth more than $1 billion (625.72 million pounds) in its South Korean auto-financing and credit card businesses, the Wall Street Journal reported, citing people familiar with the matter.

The sale would unwind a partnership that began 10 years ago between GE and Hyundai Motor Co <005380.KS>. GE is in talks with Hyundai, which has a right of first refusal over the stakes, WSJ said.

It is not clear exactly how much GE will receive from the sale of its 43 percent stake in the joint ventures, but GE has already received some of its original investment back through dividends, the newspaper said.

GE’s spokesman in South Korea, Bill Joh, declined to comment on the matter. While representatives at Hyundai could not be immediately reached for comment.

(Reporting by Rishika Sadam in Bangalore; Editing by Gopakumar Warrier)

GE in talks to sell stake in South Korea finance JVs - WSJ