KDB to Pick Bidder for Daewoo

Thursday, October 09, 2008

A preferred bidder for Daewoo Shipbuilding & Marine Engineering Co. is likely to be announced later this month, reports indicate.

Korea Development Bank and a state-run asset manager are seeking to sell their 50.4 percent stake in the world's third-largest shipyard bailed out in 2000 after its parent Daewoo Group collapsed under a mountain of debt.

POSCO, Hyundai Heavy Industries Co., GS Group and Hanwha Group last month submitted preliminary bids for Daewoo Shipbuilding.

Speculation has it that KDB may cancel or delay the sale should bidders submit prices below expectations amid a flagging local stock market.

KDB wants at least $3.81b for the sale, but market capitalization of Daewoo Shipbuilding reached 4.48 trillion won as of Tuesday, a sharp drop of nearly 30 percent from its peak in October.

Source:  Pulse

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