Hyundai, three others bid for ROK shipyard
Hyundai Heavy Industries, the world's largest shipyard, and three other South Korean firms submitted bids Wednesday for Daewoo Shipbuilding and Marine Engineering.
State-run Korea Development Bank (KDB), which is arranging the sale, said steelmaker POSCO, the GS Group and Hanwha Group also submitted letters of intent to buy the world's third-largest shipbuilder.
KDB and a government asset-management unit are selling a 50.4 percent stake in Daewoo Shipbuilding, a deal which Yonhap news agency said will fetch as much as seven trillion won (6.45 billion dollars).
KDB will pick a preferred bidder in October.
Daewoo Shipbuilding was taken over by creditors in 2000 after its parent Daewoo Group collapsed under a debt mountain totalling 82 billion dollars -- one of the world's largest corporate failures.
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