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Posco mulls consortium buy out of DSME

Posco mulls consortium buy out of DSME

Seoul: South Korea's Posco said Monday it may form a consortium with other Korean firms to bid for a controlling stake in Daewoo Shipbuilding & Marine Engineering Co.
'There are companies which have expressed their interest in jointly acquiring Daewoo Shipbuilding together with Posco, if it buys the shipbuilder,' said Posco President & Chief Marketing Officer Yoon Seok-Man, according to a company spokeswoman.
He didn't name the interested companies.
A detailed schedule to acquire the stake hasn't been confirmed, but preparations are underway, Yoon said.
On March 26, creditors of Daewoo Shipbuilding - Korea Development Bank and Korea Asset Management Corp. - put their combined 50.4% stake in the shipbuilder up for sale.
Posco is the world's fourth-largest steelmaker by output and Daewoo Shipbuilding is the world's third-largest shipbuilder by orders. Seperately, it was reported that the South Korean military will take a keen interest in the sell off proceedings since Daewoo builds a number of naval vessels.  [19/05/08]

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