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Financials

S.Korea's KDB signs conditional deal with Hyundai Heavy over Daewoo stake sale

SEOUL, Jan 31 (Reuters) - Korea Development Bank, the biggest shareholder of Daewoo Shipbuilding and Marine Engineering Co Ltd, on Thursday said it has signed a conditional deal with Hyundai Heavy Industries Group to sell Daewoo shares.

The state-funded bank said in a statement it signed a memorandum of understanding with Hyundai that includes liquidity support of 2.5 trillion won ($2.25 billion) for Daewoo.

KDB also said it would approach local shipbuilding peer Samsung Heavy Industries Co Ltd to gauge any interest in taking over Daewoo. ($1 = 1,111.9800 won) (Reporting by Hyunjoo Jin, Writing by Ju-min Park; Editing by Christopher Cushing)

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