Hyundai to Make a Bid for Daewoo

Tuesday, August 26, 2008

Hyundai Heavy Industries Co. plans to bid for a $3.1b controlling stake in Daewoo Shipbuilding & Marine Engineering Co. reports said.
A preliminary offer will be submitted Wednesday
. The preferred bidder will be announced in September and the sale will be completed by the end of October, according to the policy lender. Hyundai Heavy will compete with Posco, GS Group and Hanwha Group for the 50.4 percent holding being sold by state-run Korea Development Bank and Korea Asset Management Corp.

Source:  Bloomberg

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