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STX keen to join POSCO bid for DSME

STX keen to join POSCO bid for DSME

Seoul: STX Group said Friday that it is ready to contribute 300 billion won to join a consortium led by local steel giant POSCO to take over Daewoo Shipbuilding & Marine Engineering (DSME).

"We want to participate in the Daewoo Shipbuilding bidding. But we will invest a maximum of 300 billion won to grab some managerial rights for the world's third-biggest shipyard," Lee Jong-chul, the group's vice chairman said.

The Korea Development Bank plans to close preliminary bidding for the purchase of a combined 50.4 percent stake in Daewoo Shipbuilding by September 9. The bank will select a preferred negotiator in October.

Besides POSCO, three other groups - Hyundai Heavy Industries, GS Group and Hanwha Group - have thrown their hats into the ring to buy the Daewoo shareholding. All four groups are expected to start due diligence on DSME in the middle of this month. 

Meanwhile, on Monday it was made clear by the state that foreigners would be allowed to bid for DSME. [8/9/08]