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


Finance

KfW IPEX-Bank Boosts its Presence at SMM

In an interview the departing head of the KfW IPEX-Bank Maritime Industries department, Dr. Carsten Wiebers offers insight into the facets of international ship

Hyundai Merchant Marine to buy Hanjin's 'Good' Assets

South Korea's financial regulator said on Wednesday that Hyundai Merchant Marine Co Ltd will seek to acquire healthy assets of troubled shipper Hanjin Shipping Co Ltd.

APM Terminals to invest $70 mln in Port Elizabeth Terminal

The Port of New York and New Jersey is the largest port on the US East Coast and third largest in the United States with 6.37 million TEU handled in 2015.  In 2014,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Simulators
rss | archive | history | articles | privacy | 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: 0.0563 sec (18 req/sec)