Daewoo E&C: Dongkuk Steel Mill considering participating as a strategic investor (Korean)
Korea’s Money Today newspaper reported Wednesday (Dec. 23) that Dongkuk Steel Mill is considering participating in the Jabez Partners-led consortium’s bid for Daewoo Engineering and Construction (E&C) as strategic investors.
The article cited an unspecified insider at the listed South Korean steel maker as saying his company has received an investment proposal from Jabez and is now evaluating potentially participating in the bid. An unsourced part of the report claimed that Dongkuk could invest KRW 400bn to 500bn and secure management rights of Daewoo E&C if Jabez succeeds in the bid.
Earlier, Kumho Asiana had selected both Jabez Partners and TR America as preferred candidates for Daewoo E&C, in which it plans to sell a 50% stake. Jabez Partners is a consortium that includes Abu Dhabi Investment Corp (ADIC).
(Source: Money Today)
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