Billion dollar deal for Wilhelmsen

Oslo shipowner Wilh. Wilhelmsen subsiduary Wallenius Wilhelmsen has entered into a NOK 10 billion deal to take over the car transport division of the Korean Hyundai Merchant Marine. This makes Wallenius Wilhelmsen Lines the world's leading transporter of cars and other vehicles, according to a press release. Up to now, Hyundai Merchant Marine has transported all Hyundai and Kia cars for export. This contract is now taken over by a new company which is owned 80 per cent by Wilhelmsen/Wallenius and 20 per cent by Hyundai and Kia. The contract is initially for a five year period, NRK reports.