ID :
200693
Thu, 08/11/2011 - 14:33
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Shortlink :
http://m.oananews.org//node/200693
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LG Electronics tapped as primary negotiation partner to buy Daewoo E&T
SEOUL, Aug. 11 (Yonhap) -- LG Electronics Inc. has been effectively tapped as the primary negotiation partner to buy Daewoo E&T, South Korea's third largest multi-purpose water processing company, financial sources said Thursday.
Sources at state-run Korea Development Bank and Samsung Securities Co. which are responsible for arranging the sale of Daewoo E&T, said LG Electronics submitted a higher purchase price compared to rivals.
Besides LG, which is the country's second largest consumer electronics manufacturer, family-owned conglomerates including GS and SK and a local private equity fund had taken part in the bidding.
LG said it wants to take over Daewoo E&T to expand its business sphere. Daewoo E&T can handle both water purification and sewage treatment.
Sources at state-run Korea Development Bank and Samsung Securities Co. which are responsible for arranging the sale of Daewoo E&T, said LG Electronics submitted a higher purchase price compared to rivals.
Besides LG, which is the country's second largest consumer electronics manufacturer, family-owned conglomerates including GS and SK and a local private equity fund had taken part in the bidding.
LG said it wants to take over Daewoo E&T to expand its business sphere. Daewoo E&T can handle both water purification and sewage treatment.
