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POSCO, Lotte submit preliminary bids for Daewoo Int'l
SEOUL, March 15 (Yonhap) -- South Korea's top steelmaker POSCO and Lotte Group were among three bidders seeking to buy a controlling stake in Daewoo International Corp., the state-run debt clearer said Monday.
POSCO, Lotte Group, a major local conglomerate, and a consortium led by Daewoo Partners, a private equity fund, have submitted preliminary bids for acquiring a 50 percent stake plus one share in the trading company, according to the Korea Asset Management Corp. (KAMCO). The deal is estimated to fetch between 2.3 trillion won (US$2 billion) and 2.6 trillion won.
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