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Gs Group News

13 Oct 2008

POSCO, Hanwha Submit Bid for Daewoo

South Korea's POSCO and Hanwha Group have submitted separate bid proposals to buy a controlling stake in Daewoo Shipbuilding & Marine Engineering, the two companies said on Monday. POSCO, which agreed last week to form a consortium with a rival bidder GS Group, has submitted a takeover proposal, its spokeswoman Ko Min-jin said, competing with Hanwha Group and Hyundai Heavy. Source: Reuters

10 Oct 2008

POSCO,GS Group to Make Joint Bid for Daewoo

POSCO and GS Group said they are teaming up in the race to buy Daewoo, Reuters reported. POSCO, the world's fourth-largest steelmaker, and GS Holdings, the holding company for energy-to-construction group GS, said they were forming a consortium to bid for Daewoo. A 50.4 percent stake in Daewoo is being sold by top shareholders including Korea Development Bank. Cash-rich POSCO had been considered as a strong candidate even alone but some analysts had been skeptical about benefits from a steel-shipbuilder combination. Source:  Reuters

09 Oct 2008

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. POSCO, Hyundai Heavy Industries Co., GS Group and Hanwha Group last month submitted preliminary bids for Daewoo Shipbuilding. 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…

02 Oct 2008

Pension Fund Set to Scrap Plan to Bid for Daewoo

AFP reported that 's state pension fund is likely to scrap plans to bid for Daewoo Shipbuilding because of global financial turbulence. The National Pension Service the world's fifth largest, had been in talks with POSCO, GS Group and Hanwha Group to find a partner for the acquisition of Daewoo Shipbuilding. Hyundai Heavy Industries, the world's largest shipyard, is also interested in Daewoo Shipbuilding, the world's third biggest yard. The pension fund, with assets of $187b has posted a negative return so far this year due to the financial turmoil. State-run Korea Development Bank and a government asset-management unit are selling a 50.4 percent stake in Daewoo Shipbuilding, a deal newspapers said will fetch as much as seven trillion won.

15 Sep 2008

Daewoo Employees to Have Role in Selecting New Owner

An association of Daewoo Shipbuilding & Marine Engineering Co. employees plans to team up with a potential buyer of their company, industry sources said Friday. The group of employees, which owns a 0.46-percent stake in Daewoo Shipbuilding, is expected to have a say in selecting a preferred bidder for the shipyard, as the bidder which teams up with the association wins support from employees. Korea Development Bank (KDB) and a state-run asset management company are seeking to sell a combined 50.4-percent interest in the world's third-largest shipyard, which they bailed out in 2000 after its parent Daewoo Group collapsed under a mountain of debt. On Tuesday, POSCO, Hyundai Heavy Industries Co., Hanhwa Group and GS Group submitted their detailed bids for Daewoo Shipbuilding.

10 Sep 2008

Bids Submitted for Daewoo

POSCO and three other South Korean companies submitted their formal bids Tuesday for Daewoo Shipbuilding & Marine Engineering Co., the world's third-largest shipyard, a state-run bank said. Korea Development Bank (KDB) and state-run Korea Asset Management Corp. (KAMCO) are seeking to sell a combined 50.4 percent stake in the shipyard, which they bailed out in 2000 after its parent Daewoo Group collapsed under a mountain of debt. KDB said it will pick a preferred bidder in October after allowing POSCO, Hyundai Heavy Industries Co., GS Group and Hanwha Group to conduct a due diligence on Daewoo Shipbuilding for three weeks starting next week.

03 Sep 2008

Hyundai, 2 Affiliates Go for Daewoo

Hyundai Heavy Industries said it will make an independent bid together with its two affiliates for a controlling stake in Daewoo Shipbuilding & Marine Engineering (DSME), according to Korea Times. The remarks come after SK Energy said it is considering joining a consortium led by POSCO. Industry experts say SK Energy will join the POSCO-led consortium and plans to invest less than about $90m, a token amount for the size of Daewoo Shipbuilding. Hyundai Heavy submitted a letter of intent to bid for DSME a week ago. Other bidders include POSCO, Hanwha and GS Group. Reports indicate that Daewoo Shipbuilding may go up to 10 trillion won in its total price with the four companies courting it.

26 Aug 2008

Hyundai to Make a Bid for Daewoo

Hyundai Heavy Industries Co. plans to bid for a $3.1b controlling stake in Daewoo Shipbuilding & Marine Engineering Co. reports said. A preliminary offer will be submitted Wednesday. The preferred bidder will be announced in September and the sale will be completed by the end of October, according to the policy lender. Hyundai Heavy will compete with Posco, GS Group and Hanwha Group for the 50.4 percent holding being sold by state-run Korea Development Bank and Korea Asset Management Corp. Source:  Bloomberg

30 Jun 2008

GS Group Shows Interest in Acquiring Daewoo Shipbuilding

A number of companies have been showing interest in the sale of Daewoo Shipbuilding & Marine Engineering (DSME.)  GS Group has expressed interest to acquire the shipbuilder. According to reports, the group believes it has an advantage over other conglomerates such as POSCO and Doosan. On the contrary, GS believes its acquisition of the shipbuilder will increase synergy with businesses it holds interest in ― energy, engineering and construction. Since 2005, the group put GS Holdings at the forefront to set up a team of mergers and acquisitions (M&A) specialists led by its CEO Suh Kyung-suk for the acquisition of DSME. Source:  Times

27 Mar 2008

KDB Starts Sale of Daewoo Shipbuilding

Daewoo Shipbuilding & Marine Engineering, one of 's "big three" takeover targets, has been put up for sale. The other two prime takeover targets are Hyundai Engineering & Construction and Hynix Semiconductor, Chosun reported. The Korea Development Bank said it has begun searching for a manager to sell Daewoo Shipbuilding with an aim to select a preferred bidder by August. After Daewoo Group was dismantled in 1999, the shipbuilding business was managed by creditors. The business graduated from its debt workout program in 2001 and has since been managed by the KDB and the Korea Asset Management Corp., which hold a combined stake 50.4 percent. KDB holds 31.3 percent and KAMCO 19.1 percent.