Alcoa and Hyundai Sign Memorandum of Understanding.PITTSBURGH, Pa., and SEOUL, Korea--(BUSINESS WIRE)--Nov. 3, 1999-- Alcoa Inc. (NYSE NYSE See: New York Stock Exchange :AA) and Hyundai Group Companies announced today that they have entered into a Memorandum of Understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. for Alcoa to purchase Aluminum of Korea, Ltd.'s (Koralu's) shares which are owned by Hyundai Group Companies. Koralu is Korea's largest aluminum flat-rolled products producer. Although Hyundai Group Companies and Alcoa will make every effort to enter into definitive agreements expeditiously ex·pe·di·tious adj. Acting or done with speed and efficiency. See Synonyms at fast1. ex , final agreement depends upon the outcome of the due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. review and the parties negotiating terms and conditions of the deal. Alcoa is the world's leading producer of aluminum and alumina and is active in all major segments of the industry: mining, refining, smelting, fabricating and recycling. |
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