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

People & Company News

Search for Ship Lost in Hurricane a Big Challenge

Deep seas may complicate efforts to find the sunken U.S. cargo ship lost off the Bahamas during Hurricane Joaquin, a federal safety investigator said, as a search

USCG Search for Missing Crew of El Faro

Coast Guard search and rescue crews continue searching for possible survivors from the cargo ship El Faro Monday night, covering a total search area of more than 160,574 square nautical miles.

Northern Fleet to Conduct Anti-terrorist Exercises

The sailors of the Northern Fleet will conduct anti-terrorism exercises at Novaya Zemlya. During the exercise, the coast will be a landing. The landing will


Towering Damen Marine Components Hits 150‏

Damen Marine Components (DMC), the oldest company in Damen Shipyards Group, celebrates its 150th anniversary today. DMC has grown from a very small shipyard established in Gorinchem in 1865,

Azerbaijan to Get New Passenger Vessel This Year-end

Azerbaijan Caspian Shipping Company  expects to get the first of the three passenger vessels being built currently at the Baku Shipbuilding & Repair Plant (Baku Shipyard LLC) until the end of 2015,

Michelle Obama to Christen Navy's Newest Submarine

U.S. First Lady Michelle Obama will join builder General Dynamics Electric Boat, a wholly owned subsidiary of General Dynamics, in christening Illinois (SSN-786), the U.

Maritime Careers / Shipboard Positions Maritime Contracts Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction 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: 0.1672 sec (6 req/sec)