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

People & Company News

MN 100: Gencorp Insurance Group

The Company: Gencorp Insurance Group provides the Insurance and Surety needs of Marine Contractors, Vessel Operators and Shipyards throughout the country and Caribbean.

MN 100: Bordelon Marine

The Company: Founded in 1979, Bordelon Marine is a leading provider of Marine Transportation services operating in the Gulf of Mexico and around the world. The

MN 100: Bouchard Transportation

The Company: Bouchard Transportation’s history dates back to its incorporation in 1918 by founder, Capt. Fred Bouchard, the youngest tugboat captain in the Port of New York.

Shipbuilding

MN 100: ContainerTug B.V.

The Company: ContainerTug B.V. is a specialized Dutch naval design engineering and construction company with a strong focus on developing workboats and the evaluation

Oman Drydock Company Expands Rapidly

Oman Drydock Company (ODC) is growing fast. In January, the yard hit an important milestone - its 300th drydocking. Harnessing the power of its new $1.8 billion, 1.

NASSCO Invests in Facilities, Equipment and People

General Dynamics NASSCO has invested several hundred million in capital projects as part of its efforts to increase efficiencies via  modular shipbuilding, including:

 
 
Maritime Security Maritime Standards Navigation Pipelines Pod Propulsion Port Authority Salvage 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: 0.7999 sec (1 req/sec)