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

Shipbuilding

Scottish Sea Farms Orders Newbuilds

Macduff Shipyards Ltd. has received a contract worth more than £3.3 million pounds from Scottish Sea Farms for the design and build of four 19.8-meter 150T steel

LNG Transport Barge Design Approved by ABS

Conrad Shipyard, L.L.C. engaged Bristol Harbor Group, Inc. (BHGI) to develop a 3,000 cubic meter Liquefied Natural Gas (LNG) transport barge utilizing a Bristol

Airbus May Sell Stake in Submarine Supplier

Airbus is considering a sale of its 49 percent stake in submarine supplier Atlas Elektronik as part of a reshuffle of its military business, German newspaper Die

 
 
Maritime Security Naval Architecture Navigation Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
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: 0.0718 sec (14 req/sec)