Finance / South Korea
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Hyundai's Heavy Bid For Daewoo
August 2008 | Top StoriesSorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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In the latest development in what will be one of the biggest M&A deals in Asia this year, South Korean-headquartered Hyundai Heavy Industries, the world's largest shipbuilder, said on August 26 that it will bid for the controlling stake in Daewoo Shipbuilding & Marine Engineering (DSME). Daewoo, the world's third-largest ship-builder and one of South Korea's 'big three' has been the subject of bids by five conglomerates since April 2008. Hyundai said it will submit a letter of interest for the stake in the by August 27, when potential buyers have until 15:00 to submit bids. The preferred bidder will