January 31, 2019 / 6:50 AM / 6 months ago

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)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below