Kumho Asiana to extend bid deadline for Daewoo Engineering

By Nam Kwang-sik
SEOUL, Nov. 6 (Yonhap) -- South Korea's Kumho Asiana Group said Friday it has
decided to extend the deadline for final bids for a controlling stake in its
construction unit, Daewoo Engineering & Construction Co., until Nov. 18.
The one-week extension came as prospective buyers demanded that the deadline for
preliminary due diligence be pushed back to Nov. 10 from Nov. 3, Kumho Asiana
said in a statement.
Kumho Asiana said it plans to pick a prime bidder for the stake as soon as
possible after closing the final bids.
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 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 the U.S.-based AC Development Inc. and the Abu
Dhabi Investment Authority, a sovereign wealth fund owned by Abu Dhabi, United
Arab Emirates, according to industrial sources.
Kumho Asiana plans to finalize the builder's sale before the end of the year.
ksnam@yna.co.kr
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