KDB to Sell Daewoo Shipbuilding

Wednesday, May 21, 2008

Korea Development Bank (KDB), which has been looking for a lead manager to replace Goldman Sachs, said it would sell Daewoo Shipbuilding & Marine Engineering on its own, Korea Times reported.
Deloitte Anjin is known to have already made contracts with Hanwha and Doosan, potential bidders for the shipbuilder. Hence, the consulting firm had to drop the proposal from KDB due to conflicting interests.
KDB, the largest shareholder of the shipbuilder, had selected Goldman Sachs as the lead manager of the sale, but cancelled after finding out that it had invested in a Chinese shipbuilder.
As Daewoo had supplied submarine and other vessels to the Navy, there was concern about possible military technology leakage once Goldman Sachs took the deal. KDB hence requested Goldman Sachs to take measures to minimize any possible conflicting interests regarding its investment in the Chinese shipbuilder. Goldman Sachs, however, rejected the request.
KDB held a committee to select a lead manager, but failed to find a suitable company.
The committee decided the bank's mergers and acquisitions (M&A) team should manage the selling of its own stake in the shipbuilder, without an outside manager.
Some are pointing out that it doesn't look reasonable for KDB, the largest shareholder of Daewoo, to be the manager of the sale including its own stake. However, KDB said there is no problem.
Source:  Korea Times

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

Finance

Seadrill Bondholders: Majority Accept Conversion Offer

Seadrill Limited says that holders of approximately US$547 million of Seadrill's convertible bonds due 2017 (representing approx. 84.1% of the total outstanding

General Dynamics Reports 2Q 2014 Earnings

General Dynamics today reported 2014 second-quarter earnings from continuing operations of $646 million, or $1.88 per share on a diluted basis, compared to second-quarter

Trading Dutch Well Placed to Pursue Russia Sanctions

The seafaring Netherlands prides itself on being a trading nation, reluctant to let politics get in the way of a good deal. But since the downing, allegedly

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Pipelines Ship Electronics Ship Repair 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: 0.1261 sec (8 req/sec)