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 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Carnival to Add Nine Ships to Cruise Fleet

Carnival Corporation enters into strategic partnerships to add nine cruise ships to its fleet over a four-year period starting in 2019; shipbuilders Fincantieri

Golden Ocean and Knightsbridge Complete Merger

The merger between Knightsbridge Shipping Limited and Golden Ocean Group Limited was approved today at special meetings of both companies' shareholders.      The new company,

Boat of the Month: Moore Shallow Shuttle 23

Moore Boat LLC recently delivered the first of three all new aluminum Moore Shallow Shuttle 23 RIB’s to Seacrets, Jamaica USA after the vessel’s successful completion of various sea trials and the U.

 
 
Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators
rss | archive | history | articles | privacy | terms and conditions | 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: 0.0836 sec (12 req/sec)