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KDB to invite bids for Daewoo shipyard next week

Wed Aug 13, 2008 11:06pm EDT

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SEOUL, Aug 14 (Reuters) - Korea Development Bank, a top shareholder in Daewoo Shipbuilding (042660.KS), will invite bidders for the world's No.3 shipbuilder next week, it said on Thursday, in a bid to complete a $4 billion sale this year.

"A public notice for sale of Daewoo is likely to come out next week," a KDB official said, adding the bank plans to select a preferred bidder in early October.

The Daewoo deal can become the country's biggest this year, and at least five bidders including the world's No.4 steelmaker POSCO (005490.KS) and energy group Hanwha have shown interest.

Shares in Daewoo Shipbuilding gained 2.84 percent to 39,900 won on Thursday, against the wider market's 0.06 percent fall.

(Reporting by Park Ju-min; Editing by Dominic Whiting)



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