Approval on Merger as acquiring Hyundai Commercial Vehicle Engine Co. 1. Date of BOD resolution : October 1, 2004 i) 4 out of 7 directors were present. (3 out of 4 outside directors were present) ii) 3 out of 3 auditors were present. 2. Contents i) Agenda : Approval on Merger as acquiring Hyundai Commercial Vehicle Engine Co (HCVE). ii) Purpose of Merger : To enhance efficiency and to reduce R&D costs by increasing in-house development capabilities for large commercial vehicle engines. iii) Method of Merger : Merger by acquiring Hyundai Commercial Vehicle Engine Co. iv) Merging Ratio : Ratio 1:0 (HMC : HCVE) v) Expected contract date of merger : November 5, 2004 3. Related disclosure Date : August 27, 2004 |