Kumho Asiana To Select Preferred Bidder For Daewoo Engineering
Monday -Report
SEOUL -(Dow Jones)- South Korea's Airline conglomerate Kumho Asiana Group will
select the preferred bidder for Daewoo Engineering & Construction Co. (
047040.SE) on Monday, Yonhap News Agency reported Saturday, citing the company
and its merger and acquisition advisers.
"Two of the (three) bidders agreed that once selected as the preferred bidder,
it will negotiate the final price within the range of 5% of its initial bidding
price," the group and advisors said, according to the report.
Earlier this week, the group said three companies submitted final bids for
Daewoo and the preferred bidder would be selected next week.
A Kumho-led consortium bought in December 2006 a 72.1% stake in Daewoo for
KRW6.426 trillion ($5.3 billion), but the group put the construction firm up for
sale in late June on liquidity shortage.
Korea Development Bank and Nomura are managing the stake sale.
-By Kanga Kong, Dow Jones Newswires; 822-2198-2230; kanga.kong@dowjones.com
(END) Dow Jones Newswires
11-21-090427ET
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