Report: KDB Sees Daewoo Sale

Thursday, January 18, 2007
Daewoo Shipbuilding and Marine Engineering is expected to go up for sale in the second half of this year, once the firm swings to a solid operating profit in the first half, its main creditor said on Thursday. The long-awaited sale has been widely expected to be one of the country's top acquisition deals in 2007, after the state-run Korea Development Bank (KDB) sold LG Card Co. Ltd. to Shinhan Financial Group for $7.2 billion last year. KDB and state restructuring agency KAMCO jointly own half of the world's No. 2 shipbuilder, valued at 2.5 trillion won ($2.67 billion) at the current market price, after its parent, Daewoo Group, went bankrupt under a mountain of debt in 1999.

As for Hynix Semiconductor Inc. , in which KDB and other creditors own a combined 36 percent stake worth 5.6 trillion won at market value, the governor said the stake size was seen as too big for domestic buyers to digest. Hynix creditors had agreed to hold on to the shares until the end of 2007 to protect minority shareholders after selling a $1.5 billion stake in the world's second-largest memory chip maker last June. KDB may also look for a buyer of Hyundai Engineering and Construction Co. Ltd. this year, if a debate is settled over how to treat former family shareholders in the builder when they make a bid for the company. Source: Reuters

Maritime Reporter March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

U.S. DoI Upholds 2008 Shell Arctic Lease

The U.S. Interior Department on Tuesday upheld a 2008 lease sale in the Chukchi Sea off Alaska, moving Royal Dutch Shell a step closer to returning to oil and gas

All American Marine Delivers Ferry to Seattle

All American Marine, Inc. (AAM) today announced the delivery of a new passenger ferry that will serve the city of Seattle.    The vessel, MV Sally Fox, was dedicated

HEADHUNTER Marine Sewage Treatment Systems

Headhunter’s team of engineers, fabricators, and wastewater specialists work together to provide innovative and efficient sewage treatment solutions.   Offering systems in three categories; STP,

Shipbuilding

All American Marine Delivers Ferry to Seattle

All American Marine, Inc. (AAM) today announced the delivery of a new passenger ferry that will serve the city of Seattle.    The vessel, MV Sally Fox, was dedicated

Baltic Sea Freight Index Up on Higher Capesize Rates

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Tuesday, mostly on higher capesize rates.   The index,

ST Marine Celebrates Naming of Vessels

Singapore Technologies Marine Ltd (ST Marine), the marine arm of Singapore Technologies Engineering Ltd (ST Engineering), held the Naming Ceremony today for the second Patrol Vessel (PV),

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Offshore Oil Pipelines Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar
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: 0.1100 sec (9 req/sec)