Dongkuk Seeks Consortium to buy Daewoo Shipbuilding
Tuesday, January 08, 2008
South Korea's Dongkuk Steel seeks a consortium with other steel makers to buy Daewoo Shipbuilding and Marine Engineering, which has a market value of $9.4 billion.
State-run Korea Development Bank and restructuring agency Kamco jointly own half the shipbuilder, a former unit of the bankrupt Daewoo Group. They are expected to put up their stake for sale this year.
South Korean steel makers, including POSCO (005490.KS: Quote, Profile, Research), the world's fourth-largest steel maker, have said that they are interested in buying the shipbuilder but the high premium for the company could be a problem.