(Seoul = Yonhap Infomax) Reporter Jun-hyeong Park = When the low price sale dispute in connection with the Hanwha Group’s decision to acquire Daewoo Shipbuilding & Marine Engineering for 2 trillion wins, Korea Development Bank stated: “It is necessary consider the financial situation at all times to determine the appropriate business value. There is, “he replied.
The Korea Development Bank issued a statement on the 27th and said, “Daewoo Shipbuilding’s current financial situation has deteriorated significantly.”
Some critics said the selling price was too low compared to when they pursued mergers and acquisitions with Hanwha Group in 2008 and Hyundai Heavy Industries Group in 2019, and actively explained this.
In 2008, Daewoo Shipbuilding’s debt ratio and market capitalization were 368% and 9.8 trillion won respectively, and in 2018 it was 215% and 3.6 trillion won respectively.
At the end of the first half of this year, Daewoo Shipbuilding’s debt-to-equity ratio rose to 713% and its market capitalization dropped to 2.3 trillion won.
The KDB said: “For the fundamental normalization of Daewoo Shipbuilding, it is essential to” find a private owner. “I hope to be there,” he said.
Furthermore, considering the characteristics of the transaction, he claimed that the “low price dispute” was inappropriate.
On the 26th, Daewoo Shipbuilding and Hanwha Group signed a conditional investment agreement (MOU) that includes a 2 trillion won capital increase plan.
The KDB said, “This transaction is not a sale of shares currently held by Hanwha Group, but a 2 trillion won increase in new capital for Daewoo Shipbuilding.” If it is sold, we can expect to maximize the recovery of the funds. “
He added: “Since mergers and acquisitions are carried out by the stalking-horse method, if there is an investor offering better terms than the Hanwha group in the future open competitive bidding process, we will conclude a new contract with that investor.” .
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