28 nov.: Quam Announces 2012/13 Interim Results
28 nov.: UPDATE: South Korea October Current-Account Surplus Narrows; Beat..
28/11/2012 03:28:00

Korea Finance Corp: To Extend Due-Diligence Period for Korea Aerospace Sale to Dec 7

By Kanga Kong

SEOUL--Major shareholders of Korea Aerospace Industries Ltd. (0478410.SE) have extended by two weeks the due diligence process for the bidding of their combined 41.8% stake in the airplane components maker, worth an estimated $1 billion.

"We decided to extend the due-diligence period to Dec. 7 and take final bids by Dec. 17 due to the requests by preliminary bidders," Korea Finance Corp., KAI's largest shareholder, said Wednesday in a statement.

Two preliminary bidders, Korean Air Lines Co. (003490.SE) and Hyundai Heavy Industries, have asked the sellers for an extension, saying they couldn't complete due diligence by Nov. 23, as originally scheduled, as they faced strong resistance from KAI's labor union to complete the process.

Most analysts say the deal is unlikely to close by the year-end--as targeted by the key shareholders--or may fall through as some lawmakers are against the deal, particularly ahead of the presidential election on Dec. 19.

The deal is valued around 1.12 trillion won based on KAI's Tuesday closing price of KRW27,450.

The planned sale is the second after shareholders failed in August to attract sufficient bidding interest, with Korean Air being the sole bidder then. Under Korean law, any auction of state-owned company's assets must attract at least two bidders before it can proceed.

Korea Finance is selling 26.4% of KAI with the remaining 15.4%stake being sold by Hyundai Motor Co. (HYMLY), Doosan Group and Samsung Techwin Co. (012450.SE).

Korea Aerospace was formed in 1999 through the merger of the aerospace divisions of Samsung, Hyundai and the now-defunct Daewoo Group, during the 1997-98 Asian financial crisis.

Write to Kanga Kong at kanga.kong@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

November 27, 2012 21:28 ET (02:28 GMT)

Copyright (c) 2012 Dow Jones & Company, Inc.

28 nov.: Quam Announces 2012/13 Interim Results
28 nov.: UPDATE: South Korea October Current-Account Surplus Narrows; Beat..

Envoyer un commentaire

Related debate

  • 1 semaine
  • 1 mois
  • 1 an
27 sept.
OMXCPI
Hvad har virket? Hvad har jeg lært og forbedret? Og hvad har jeg lært (dyrt) at holde mig fra?   Eft..
48
24 sept.
VWS
  Igår holdt præsident Obama en tale ved UN Climate Summit i New York.     Talen var stort set ikke..
21
25 sept.
YHOO
Nej jeg har nu lykønsket ham mange gange med hans performance. Det er for mig at se både flot og isæ..
16
23 sept.
FING-B
Bigmammas..(21.52)..   Forkert....   XO.. / 117 andre alias har SELV udskrevet sig fra debatten via ..
16
23 sept.
VWS
Jeg synes det er ok du spørger, men du skal alligevel finde ud af substansen selv - når du måske har..
16
25 sept.
VWS
Vestas kunde First Wind   http://renews.biz/76379/first-wind-reaches-new-heights/   First Wind vælge..
15
27 sept.
VELO
Hej WWW   Her kommer lidt mere "nørd"tænkning, som vi ikke har drøftet før i Veloxisdebatten.   Den ..
14
29 sept.
VELO
Jeg kan anbefale alle Veloxis-interesserede at kigge de ældre årsregnskaber igennem - naturligvis is..
13
26 sept.
VWS
Jeg synes det lyder som en meget passende beskyldning Mif kommer med, et eller andet er der sku galt..
13
26 sept.
VWS
Nu syntes jeg nok lige at den politisk korrekthed fra din side går lidt over stregen. Du plejer ikke..
12

Actualité la plus lue

  • 24 heures
  • 48 heures
  • 1 semaine
1
Sanofi et Regeneron annoncent de premiers résultats positifs sur le dupilumab dans le traitement de la polypose naso-sinusienne
2
Esker enrichit son offre de dématérialisation des factures avec un service de paiement en ligne
3
Publicis Groupe Acquiert Ambito5, la principale agence dédiée aux médias sociaux en Italie
4
DERICHEBOURG : Information mensuelle relative au nombre total de droits de vote et d'actions composant le capital social au 31 août 2014
5
GROUPE PARTOUCHE :Sortie de procédure de sauvegarde Cession de l'hôtel Garden Beach de Juan-les-Pins
Euroinvestor dans le monde entier: Euroinvestor.dk | Euroinvestor.se | Euroinvestor.no | Euroinvestor.com | Forexinvestor.com| Wisselkoersen.nl | Valuta.se | Valutaveksel.no | Divisas.es | Valute.it
Droit d'auteur Euroinvestor A/S 2014   Mentions légales et conditions d'utilisation
Information sur les cours fournies par Interactive Data.
Les données sont différées de 15 à 20 minutes selon les accords avec les différentes bourses internationales.
 
mardi 30 septembre 2014 17:49:08
(UTC+01:00) Brussels, Copenhagen, Madrid, Paris
Version: LiveBranchBuild_20140930.1 - EUROWEB3 - 2014-09-30 17:49:08 - 2014-09-30 17:49:08 - 4 - Website: OKAY