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DSME workers to strike against stake sale

DSME workers to strike against stake sale

Seoul: More than 6000 members of the labour union at Daewoo Shipbuilding & Marine Engineering Company have voted to strike against a planned stake sale this year, reports Xinhua. About 93% (6,047) of a total of 6,503 workers voted in favour of a strike, the labour union said, adding that the timing and extent of the strike will depend on the progress of the sale.

The decision follows an announcement by state-run Korea Development Bank and other creditors to select a preferred bidder as early as August to buy their combined 50.4% stake in the shipyard, South Korea's Yonhap News Agency said.

The 50.4% stake in DSME is valued at approximately $4.2bn at current market prices.  [11/04/08]