Hanwha wins fight for Daewoo Shipbuilding

Hanwha is to buy KDB's controlling stake in Daewoo Shipbuilding, but doubts remain about its financing ability as Bank of Korea slashes interest rates in a battle to stave off crisis.

Hanwha Group won the bid for Korea Development BankÆs KDB controlling stake in Daewoo Shipbuilding Marine Engineering DSME on Friday, while the fight to support Korea's vulnerable economy continues. Yesterday, the Bank of Korea announced new measures to restore confidence including an aggressive interest rate cut.

State-owned KDB chose Hanwha over rival bidder Hyundai Heavy Industries in the contest for a 50.4% holding in the worldÆs third-largest shipbuilder, apparently because it believes Hanwha should be able to raise the necessary...

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