Hanwha to raise 1.5 tln won to fund Daewoo Shipbuilding bid

SEOUL, Oct. 10 (Yonhap) -- Hanwha Group, South Korea's ninth-largest family-run business conglomerate, said Friday it plans to sell a 21.36 percent stake in its unlisted life insurance unit to fund the group's bid to buy a controlling stake in Daewoo Shipbuilding and Marine Engineering Co.

Hanwha, Hyundai Heavy Industries Co. and a consortium of POSCO and GS Group were
submitting preliminary bids to buy a 50.4 percent stake in Daewooo Shipbuilding,
the world's third-largest shipyard.
State-run Korea Development Bank plans to receive final bids for the sale of
Daewoo Shipbuilding, which some analysts expect will sell at a price of between
US$4 billion and $5 billion.
In separate filings, three units of Hanwha -- including Hanwha Corp. and Hanwha
Chemical Corp. -- said they plan to sell the combined 21.37 percent stake in
Korea Life Insurance for 10,000 won per share.
If successful, Hanwha will raise 1.5 trillion won ($1.16 billion), an official at
Hanwha Group said.
Currently, Hanwha controls a 67 percent stake in Korea Life.
(END)