Major M&A deals carried over to 2010
Over the weekend the Korea Herald summarized some of the major M&A deals due to be completed in 2010.
Hynix Semiconductor
- Shareholders have restarted the sale process, and will receive LOI up to the end of January.
- Hyosung, the the sole bidder pulled out of the process earlier this month.
- Experts put the value of the stake up for sale at around $3 billion.
Once the Hynix sale is complete, KEB is expected to start the sale of Hyundai Engineering & Construction, in which it is also a major shareholder.
Daewoo Shipbuilding & Marine Engineering Co.
- Daewoo Shipbuilding, the world’s third-largest shipbuilder, is expected to be on the market early next year after Hanwha Group withdrew its bid in January.
- KDB and state-run Korea Asset Management Corp. hold a combined 50.4 percent stake.
Daewoo Engineering & Construction Co.
- Kumho Asiana Group is currently mulling over the selection of a preferred bidder for a controlling stake.
- Two foreign firms and a Middle Eastern fund submitted bids for the stake, which analysts estimated at around 3 trillion won ($2.5 billion).
Daewoo International
- The sale of a 68.8 percent stake inis expected to start in January, with steelmaker POSCO preparing a bid.
Korea Exchange Bank (KEB)
- Lone Star is seeking to sell its 51 percent stake, which could fetch as much as KRW 6 trillion.
Woori Financial Group
- The government plans to speed up the privatization of its 66 percent stake in Woori Finance, which it controls through the state-run Korea Deposit Insurance Corp.
- The KDIC recently sold a 7 percent stake in the group through a block trade, and plans to unload more shares until it holds only a controlling 50 percent stake plus one share.
Not included in the article but as earlier reported here, Daewoo Electronics is also up for sale.
(Source & Graphic: The Korea Herald)
