KDB to Pick Bidder for Daewoo
A preferred bidder for Daewoo Shipbuilding & Marine Engineering Co. is likely to be announced later this month, reports indicate.
Korea Development Bank and a state-run asset manager are seeking to sell their 50.4 percent stake in the world's third-largest shipyard bailed out in 2000 after its parent Daewoo Group collapsed under a mountain of debt.
Speculation has it that KDB may cancel or delay the sale should bidders submit prices below expectations amid a flagging local stock market.
KDB wants at least $3.81b for the sale, but market capitalization of Daewoo Shipbuilding reached 4.48 trillion won as of Tuesday, a sharp drop of nearly 30 percent from its peak in October.