SEOUL Oct 20 Unlisted Iranian appliance maker
Entekhab Industrial Group will sign a deal soon to buy South
Korea's Daewoo Electronics for about 577.8 billion won ($513
million), Daewoo's leading creditor said on Wednesday.
Woori Bank, which represents creditors-turned-shareholders of
the unlisted Korean firm, said they will sign an official
contract with Entekhab as soon as possible after receiving
letters of endorsements from creditors by early next week.
The Iranian company had trumped Swedish electronics firm
Electrolux (ELUXb.ST) earlier this year and was named as a
preferred bidder for Daewoo, once the flagship unit of the failed
Daewoo Group and now almost wholly owned by its 39 creditors.
It is the fourth attempt for the creditors to sell Daewoo,
which focuses primarily on washing machines and refrigerators.
In the previous bidding rounds, a series of sales talks fell
through with Ripplewood Holdings, a private equity unit of Morgan
Stanley (MS.N), and a consortium of India's Videocon Industries
(VEDI.BO) and RJH International RHJI.BR.
Export-focused Daewoo competes with bigger local rival
Samsung Electronics (005930.KS) and LG Electronics (066570.KS)
and low-cost Chinese producers.
(Reporting by Ju-min Park; Editing by Ken Wills)