Hyundai consortium wins $697m Turkey bridge deal

Hyundai E&C

A consortium led by Hyundai Engineering and Construction, South Korea’s largest builder, has won a $697m order to build a suspension bridge in Turkey.

Hyundai E&C said it and its South Korean partner — SK Engineering & Construction Co. — are set to complete a third bridge over the Bosphorus Strait in Istanbul by 2016.Hyundai E&C said the 2.16km-long bridge, which connects Europe and Asia, would have a total width of eight lanes and two rail tracks.

[tbpspa]

The first bridge over the Bosphorus was built by German and British builders in 1973 and a second bridge was completed by Japanese and Italian companies in 1988.

Hyundai E&C said it holds a 60% stake in the project, or $418 million, while SK E&C holds the rest.Shares of Hyundai E&C were trading at 55,300 won ($48) on the Seoul bourse as of 1:58 p.m., down 1.07 percent from the previous session’s close.SK E&C is an unlisted construction arm of SK Group, South Korea’s third-largest conglomerate.

[tbpspa]

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