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STX bids for Daehan Shipbuilding

STX bids for Daehan Shipbuilding

Seoul: The ultra-acquisitive STX Group, parent of the world's fourth-largest shipbuilder, has submitted a bid to acquire financially troubled Daehan Shipbuilding.
Daehan, which has been under a debt workout program since April 2009, owns a 140,000-square-meter (34.6-acre) shipyard in Haenam County, South Jeolla. The main dock there measures 460 by 72 meters.
The firm's creditors, including Korea Development Bank, are expected to discuss a debt restructuring plan with each bidder. In addition to STX, an unnamed shipping firm from the United Arab Emirates also reportedly made offers to buy Daehan on Tuesday.?"STX's shipyard is smaller than the big three shipbuilders in Korea, and it is difficult to find enough space to build another shipyard, so the bid is understandable," Choi Gwang-shik, an analyst at Kyobo Securities, told local media. "However, STX has a high debt ratio and the two shipyards in Europe and Dalian are losing money. It is not good news for its stock price." [18/03/10]

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