A spokesman for Merill Lynch, a U.S. investment bank, said that a total of 1,000 representatives of important institutional investors had participated in the IR sessions, starting with 216 in Hong Kong and peaking at 226 in New York. In addition, Hyundai's top executives conducted 150 one on one sessions with investors each session lasting for 30 minutes. One of the Hyundai affiliates attracting the keenest foreign investors' interest was Hyundai Electronics Industries which has emerged as the world's top semi-conductor maker following the absorption of LG Semicon.

A Merill Lynch official said, "Even though this IR sessions were not organized to promote specific deals, Hyundai Electronics received three or four commitments for investment amounting to $150 million.'' He didn't elaborate citing terms of confidentiality. He pointed out that while the road show was under way, Hyundai Electronics stock price had risen to a far higher level than average in the Korean stock exchange.

Asides from the unexpected specific deals, Hyundai was satisfied that this road show had accomplished what goals it had set out for at the beginning. In an interview, Park Se-yong, executive chairman of Hyundai's corporate restructuring committee and top man of the IR mission, said that albeit it remained to be seen what effects the road show would eventually have, he was quite convinced that this international outing has cleared away misunderstanding foreign investors held about his group and expelled their misgivings about its future.

"Our messege is that we will meet the government-required 200 percent debt to equity ratio by the end of the year and continue to seek a stable financial status in each of affiliates under the optimal capital structure guideline even after that,'' Hyundai's chief reformer said. ``The end result will be that Hyundai will concentrate on five core areas of business - motor vehicle manufacturing, heavy industries, electronics, construction and maritime transportation - each with global competitiveness. The road show sent this messege direct and clear to our foreign investors.

One instance of the direct interaction between Hyundai and its foreign investors occurred at the New York session held at Waldorf Astoria Hotel. Three questions were asked by investors in the plenary session before breakup for individual session. One question was whether or not the disaffiliation of subsidiaries would mean the severance of all ties between each other.

This question struck at the heart of Korea's chaebol system that rely on cross-debt guarantees and inhouse trading that are said to have plagued the corporate governance and caused the near collapse of the country's economy in 1997. In reply, a Hyundai representative said that the disaffilation means the separation of a pertinent subsidiary and creation of a new entity.(New York)

As of the end of October 1999, Peugeot S.A. held 5,000,000 shares in treasury stock, including 1,502,000 acquired between January and May under the June 3, 1998 shareholder authorization to trade in the Company’s shares to stabilize the market price, and 3,498,000 acquired since June under the June 2, 1999 shareholder authorization to buy back up to 5,000,000 shares. The shares were acquired at a total cost of euros 772 million, representing an average price per share of euros 154.14.

The Company may buy back a further 1,502,000 shares under the current authorization. The buyback program is part of the PSA Peugeot Citroën Group’s overall strategy to promote growth, innovation and profitability. One of the Group’s key objectives is to quickly raise the return on capital employed to at least 12.5% and to ensure that the Peugeot S.A. share price reflects this target.

These share buybacks have been carried out without sacrificing capital spending or business growth. The Group’s profitability improved sharply in first half 1999, as reflected in the 34% period-on-period growth in consolidated cash flow to euros 1.644 billion. Capital spending increased by 30% compared with first half 1998, while sales for the first nine months were up 10.5% on the same period of 1998.

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