Hyundai, 2 Affiliates Go for Daewoo

Wednesday, September 03, 2008

Hyundai Heavy Industries said it will make an independent bid together with its two affiliates for a controlling stake in Daewoo Shipbuilding & Marine Engineering (DSME), according to Korea Times.
The remarks come after SK Energy said it is considering joining a consortium led by POSCO. Industry experts say SK Energy will join the POSCO-led consortium and plans to invest less than about $90m, a token amount for the size of Daewoo Shipbuilding.
Hyundai Heavy submitted a letter of intent to bid for DSME a week ago. Other bidders include POSCO, Hanwha and GS Group.
Reports indicate that Daewoo Shipbuilding may go up to 10 trillion won in its total price with the four companies courting it. If one pursues a 30 percent stake together with an additional 20 percent stake of friendly forces, the actual amount a winning bidder has to pay would go down to about 3 trillion won.
The government plans to sell its 50.4% stake in Daewoo Shipbuilding by the end of this year.

Source:  Korea Times

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