South Korea To Auction Daewoo Shipbuilding

March 2008 | M&A News Alert

Korea Development Bank (KDB) and the Korea Asset Management Corp have agreed to sell their combined 50.4% stake in Daewoo Shipbuilding & Marine Engineering (DSME) by auction. KDB owns 31.3% of the company, while Korea Asset Management has the second largest stake at 19.1%.The state-run entities are hoping to announce a preferred bidder as early as August. DSME is likely to attract great interest, which will push the sale price higher. The stake is currently worth US$3.6bn at current market prices.

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