Report: KDB Sees Daewoo Sale
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.
Sale Eyed for Daewoo Shipbuilding
According to Reuters, South Korea aims to sell a controlling stake in Daewoo Shipbuilding and Marine Engineering, currently valued at 2.5 trillion won ($2.5 billion), in the second half of 2006, a lead creditor said on Wednesday. State-run Korea Development Bank (KDB) and government restructuring agency KAMCO own a combined 50.6 percent stake in the world's second-biggest shipbuilder. The market has been awaiting news of the sale process, along with developments on upcoming deals to sell controlling stakes in Korea Exchange Bank and LG Card Co. Ltd. KDB was also in the process of selecting a legal adviser and an accounting firm to begin the sale process of top local credit card issuer LG Card, Kim said.
