KDB to Unveil Daewoo Sale Plan in 2007

Monday, August 28, 2006
Reuters reported that Korea Development Bank (KDB), a top shareholder in Daewoo Shipbuilding and Marine Engineering Co. Ltd. , will announce in early 2007 a plan to sell the world's No. 2 shipbuilder, the bank's governor said on Monday.

State-run KDB and government restructuring agency KAMCO jointly own half of the shipbuilder, one of former units of the bankrupt Daewoo Group, with a market value of $5.7b. The sale is expected to be one of the biggest M&A deals in South Korea, with KDB Governor Kim Chang-lok predicting it would fetch about $6.2 -$7.3b.

KDB has outsourced the assessment of the best ownership structure at Daewoo Shipbuilding and the proper time of the sale, and expects to have the outcome in November. Earlier this month, steel maker POSCO Co. Ltd. showed interest in the shipbuilder, which is also one of Daewoo's key customers. Daewoo competes with sector leader Hyundai Heavy Industries Co. and Samsung Heavy Industries Co. . The state-run bank also controls 50.3 percent of Hyundai Engineering and Construction Co. Ltd. together with eight other creditors and is a major shareholder in chip maker Hynix Semiconductor Inc.

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

Shipbuilding

Kleven Shipbuilding Wins IES Pioneer Contract

Norway’s Kleven announced it has signed a shipbuilding contract with Malaysian based joint venture company IES Pioneer Ltd. The vessel is of Norwegian design

Eastern to Build Offshore Vessel for Harvey Gulf

Eastern Shipbuilding announced that on, Wednesday July 16, 2014, Harvey Gulf International Marine, Inc. (HGIM) and Eastern Shipbuilding Group, Inc. (ESG) entered

FORAN Users Meeting (FORUM 2014)

The Eighth FORAN Users Meeting (FORUM 2014) took place June 11-13, 2014 in the Parador de la Granja, Segovia, and when it was over the organizers proclaimed it a great success,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Pipelines Pod Propulsion Ship Simulators 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: 0.1054 sec (9 req/sec)