POSCO, Hanwha Group and Hyundai Heavy Industries, South Korea's three major business groups, submitted their final bids Monday to acquire a controlling stake in Daewoo Shipbuilding and Marine Engineering Co, the state-run Korea Development Bank (KDB) said.
GS group, which had formed a consortium with POSCO, suddenly declared its withdrawal after the final submission citing the differences in opinion between the two companies (GS and POSCO).
KDB, which holds 31 percent stake in Daewoo Shipbuilding and manages the sale, said it will select a priority negotiator for Daewoo Shipbuilding as early as Oct. 25 after reviewing the proposals.
KDB CEO Min Euoo-sung said the ability to help Daewoo grow into a global player is one of the major factors to be considered.
He said that Daewoo was worth 8 to 9 trillion won (6.5 to 7.5 billion U.S. dollars) including the management premium.
Meanwhile, in the first seven months of this year, Daewoo Shipbuilding won orders over 10 billion U.S. dollars, with 34 percent being for offshore vessels and marine structures.
If the transaction succeeds, it would be one of the biggest asset sales by South Korea's state-run financial institutions.
GS group, which had formed a consortium with POSCO, suddenly declared its withdrawal after the final submission citing the differences in opinion between the two companies (GS and POSCO).
KDB, which holds 31 percent stake in Daewoo Shipbuilding and manages the sale, said it will select a priority negotiator for Daewoo Shipbuilding as early as Oct. 25 after reviewing the proposals.
KDB CEO Min Euoo-sung said the ability to help Daewoo grow into a global player is one of the major factors to be considered.
He said that Daewoo was worth 8 to 9 trillion won (6.5 to 7.5 billion U.S. dollars) including the management premium.
Meanwhile, in the first seven months of this year, Daewoo Shipbuilding won orders over 10 billion U.S. dollars, with 34 percent being for offshore vessels and marine structures.
If the transaction succeeds, it would be one of the biggest asset sales by South Korea's state-run financial institutions.