Daewoo Employees to Have Role in Selecting New Owner

Monday, September 15, 2008

An association of Daewoo Shipbuilding & Marine Engineering Co. employees plans to team up with a potential buyer of their company, industry sources said Friday.  The group of employees, which owns a 0.46-percent stake in Daewoo Shipbuilding, is expected to have a say in selecting a preferred bidder for the shipyard, as the bidder which teams up with the association wins support from employees.
Korea Development Bank (KDB) and a state-run asset management company are seeking to sell a combined 50.4-percent interest in the world's third-largest shipyard, which they bailed out in 2000 after its parent Daewoo Group collapsed under a mountain of debt.
On Tuesday, POSCO, Hyundai Heavy Industries Co., Hanhwa Group and GS Group submitted their detailed bids for Daewoo Shipbuilding.
KDB said it will pick a preferred bidder in October after allowing the four bidders to conduct a due diligence on Daewoo Shipbuilding for three weeks starting next week.
The deal, estimated to be worth as much as $6.36b, has drawn much attention from bidders as the winner will likely gain a new growth engine from the shipyard's lucrative energy-related business and strong cash flows.
Meanwhile, the shipbuilder's labor union threatened to prevent the bidders from conducting a due diligence unless Hyundai Heavy drops its bid.
So far this year, Daewoo Shipbuilding has won $10.9b worth of orders to build ships and offshore facilities, about 62 percent of this year's target of $17.5b. Its backlog has reached about $42b.

(Source: www.tradingmarkets.com)

 

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

RS at SEA JAPAN 2014

Russian Maritime Register of Shipping (RS) was the only Russian company to take part in SEA JAPAN 2014 exhibition and conference – one of the major exhibitions of the maritime industry.

Reports: Brazilian Tycoon Batista Investigated For Financial Crimes

Brazils federal police have opened an investigation into former billionaire Eike Batista for financial crimes, including insider trading, manipulation of markets and money laundering,

Shipping Turns From Banks to Equity Markets for Cash

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Pod Propulsion Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
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: 0.0776 sec (13 req/sec)