S.Korea to start Daewoo Shipbldg sale, shares jump

SEOUL, March 26 (Reuters) - South Korea will start the process to sell Daewoo Shipbuilding and Marine Engineering Co (042660.KS: Quote, Profile, Research, Stock Buzz), the world's third-largest shipbuilder valued about $7 billion in market, Korea Development Bank said on Wednesday.

State-run KDB, Daewoo's top shareholder, said in a statement it will name lead managers for the sale and put the company up for auction.

Daewoo Shipbuilding shares jumped 11.53 percent to 36,750 won by 0209 GMT, compared with the KOSPI's 0.1 percent gain. ($1=975.8 Won) (Reporting by Rhee So-eui; Editing by Keiron Henderson)