Daewoo Shipbuilding union accuses KDB of delaying deal

SEOUL, Dec. 29 (Yonhap) -- The labor union of Daewoo Shipbuilding & Marine
Engineering Co. said Monday that state-run Korea Development Bank's delay of a
formal deal to sell the world's No. 3 shipyard to Hanwha Group was "special
treatment."
Hanwha, the nation's 10th-largest business conglomerate, had originally signed a
formal deal on Monday with KDB to buy a 50.4 percent stake in Daewoo
Shipbuilding, but the bank granted a one-month delay amid concerns that the
bidder may fail to raise funds for the buyout.
"If Daewoo Shipbuilding is acquired by a company without money, it will
simultaneously make the two companies insolvent," the union said in a statement.
KDB should take responsibility if that occurs, the union said.
In return for the delay, KDB urged Hanwha on Sunday to make efforts to raise
funds by selling assets. KDB is arranging the sale.
Hanwha reportedly offered some 6.5 trillion won (US$5.05 billion) to buy Daewoo
Shipbuilding, but the global financial crisis is making it difficult to finance
the purchase, analysts say.
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