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Pension Fund Set to Scrap Plan to Bid for Daewoo
Thursday, October 02, 2008
AFP reported that South Korea's state pension fund is likely to scrap plans to bid for Daewoo Shipbuilding because of global financial turbulence.
The National Pension Service the world's fifth largest, had been in talks with POSCO, GS Group and Hanwha Group to find a partner for the acquisition of Daewoo Shipbuilding.
Hyundai Heavy Industries, the world's largest shipyard, is also interested in Daewoo Shipbuilding, the world's third biggest yard.
The pension fund, with assets of $187b has posted a negative return so far this year due to the financial turmoil.
State-run Korea Development Bank and a government asset-management unit are selling a 50.4 percent stake in Daewoo Shipbuilding, a deal newspapers said will fetch as much as seven trillion won.
They had taken over Daewoo Shipbuilding in 2000 after its parent Daewoo Group collapsed under a debt mountain totalling 82 billion dollars -- one of the world's largest corporate failures.
Source: AFP
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