Bidders Sought for Daewoo Shipbuilding

Thursday, August 21, 2008

Creditors of Daewoo Shipbuilding & Marine Engineering Co Ltd are formally seeking bidders for a 50.4 percent stake by next Wednesday, Reuters said.

Korea Development Bank (KDB) and state-run Korea Asset Management Corp are the offering 96.4 million shares they hold in Daewoo Shipbuilding, according to an invitation notice carried in early Friday edition of the Korea Economic Daily.

As expected, the notice specified that a bidder must meet the legal requirements to invest in the defence industry, a condition that effectively rules out foreign contenders.

The deal is expected to fetch up to $8 billion, more than double its current market valuation, due to competition from local conglomerates seeking a new growth engine and strong earnings prospects for Daewoo.

 

Source:  Reuters

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

NASSCO Lays Keel for Jones Act Tanker Liberty

U.S. shipbuilder General Dynamics NASSCO hosted a keel laying ceremony on Thursday, May 26 for the Liberty, one of three new ECO Class Jones Act tankers under a

SAFE Boats Delivers First CIV for Air and Marine Operations

SAFE Boats International (SBI), a manufacturer of aluminum boats located in Bremerton, Wash., has completed the first Coastal Interceptor Vessel (CIV) on contract from U.

Defense Appropriations Bill Includes $1 Bln for US Icebreaker

The U.S. Senate Appropriations Committee’s FY2017 Defense Appropriations Bill has included $1 billion in funding to accelerate construction of a new polar icebreaker for the U.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Offshore Oil Port Authority Salvage Ship Repair Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0671 sec (15 req/sec)