January 23, 2009
KDB to seek new buyer for Daewoo Shipbuilding
Korea Development Bank is to make a new attempt to sell a 50.4 percent stake in Daewoo Shipbuilding and Marine Engineering. The KDB board decided Wednesday to pull the plug on a deal to sell the controlling stake in the shipbuilder to Hanwha Group.
"We will seek to resume the sale of Daewoo Shipbuilding after monitoring market conditions," said a KDB statement. It said that before putting shipbuilder back on the block its would sell non-core assets and improve management efficiency.
KDB said it would keep a deposit of 300 billion won ($220 million) put up by Hanwha.
In a stock exchange statement today, Hanwha said it would file a lawsuit seeking a return of the deposit.