Pension Fund Set to Scrap Plan to Bid for Daewoo

Thursday, October 02, 2008

AFP reported that 's state pension fund is likely to scrap plans to bid for Daewoo Shipbuilding because of global financial turbulence.

The National Pension Service the world's fifth largest, had been in talks with POSCO, GS Group and Hanwha Group to find a partner for the acquisition of Daewoo Shipbuilding.

Hyundai Heavy Industries, the world's largest shipyard, is also interested in Daewoo Shipbuilding, the world's third biggest yard.

The pension fund, with assets of $187b has posted a negative return so far this year due to the financial turmoil.

State-run Korea Development Bank and a government asset-management unit are selling a 50.4 percent stake in Daewoo Shipbuilding, a deal newspapers said will fetch as much as seven trillion won.

They had taken over Daewoo Shipbuilding in 2000 after its parent Daewoo Group collapsed under a debt mountain totalling 82 billion dollars -- one of the world's largest corporate failures.

Source:  AFP

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Mermaid Maritime Bags Subsea Contracts, Delays Newbuilding

Thailand’s Mermaid Maritime said it has been awarded a number of subsea contracts in the Middle East with a total worth of $11million.   It has also reached

CBP, AMO Unveils New Interceptor Vessel

U.S. Customs and Border Protection (CBP) Air and Marine Operations (AMO) and SAFE Boat International celebrated the unveiling of AMO’s newest coastal interceptor vessel (CIV) Thursday.

Seaspan Acquires Eighth 14000 TEU Vessel

Seaspan Corporation (NYSE:SSW) announced today that it accepted delivery of a 14000 TEU containership, the YM Width. The new containership, which was constructed at CSBC Corporation,

 
 
Maritime Security Maritime Standards Navigation Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
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: 0.0743 sec (13 req/sec)