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KDB Starts Sale of Daewoo Shipbuilding
Thursday, March 27, 2008
Daewoo Shipbuilding & Marine Engineering, one of Korea's "big three" takeover targets, has been put up for sale. The other two prime takeover targets are Hyundai Engineering & Construction and Hynix Semiconductor, Chosun reported.
The Korea Development Bank said it has begun searching for a manager to sell Daewoo Shipbuilding with an aim to select a preferred bidder by August.
After Daewoo Group was dismantled in 1999, the shipbuilding business was managed by creditors. The business graduated from its debt workout program in 2001 and has since been managed by the KDB and the Korea Asset Management Corp., which hold a combined stake 50.4 percent. KDB holds 31.3 percent and KAMCO 19.1 percent.
Several Korean companies are reportedly interested in taking over the shipyard, including POSCO, Doosan Group, GS Group, Dongkuk Steel Mill, and STX Shipbuilding. Some large Chinese shipbuilders have also expressed interest.
Source: Chosun
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