Daewoo Engineering to accept final bids for stake sale

SEOUL, Nov. 4 (Yonhap) -- Daewoo Engineering & Construction Co., South Korea's
third-largest builder, will likely accept final bids for a controlling stake from
prospective buyers until Nov. 11, industry sources said Wednesday.
Daewoo Engineering & Construction plans to pick a prime bidder for the stake on
Nov. 12, the sources said.
Tokyo-based Nomura Securities Co. and the state-run Korea Development Bank, the
builder's main creditor, are arranging the sale.
On Oct. 5, Kumho Asiana Group, the builder's parent group, said it came up with a
shortlist of four candidates to buy a 50 percent stake plus one share in Daewoo
Engineering & Construction.
The four potential buyers include U.S. AC Development Inc. and the Abu Dhabi
Investment Authority, a sovereign wealth fund owned by Abu Dhabi, United Arab
Emirates, the sources said.
Kumho Asiana plans to finalize the builder's sale before the end of the year.
ksnam@yna.co.kr
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