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
20 nov.
VELO
Nogle brugere (Pav3 og ebdrups især) har skrevet lidt om FDA's afvisning af Envarsus. Jeg vil gerne ..
47
16 nov.
 
Forord Jernmalmens pris er faldet dramatisk siden toppen i år 2011. Med inspirerende tanker fra brug..
30
18 nov.
VWS
Normal 0 21 false false false DA X-NONE X-NONE ..
22
20 nov.
OW
Jeg er rystet over at OW Bunkers bestyrelse er rystet.   OW Bunkers bestyrelse har i dag via Altor ..
21
19 nov.
BIOPOR
  Her følger mine tanker efter Bioporto Q3 regnskab samt efterfølgende investor præsentation   Omsæt..
21
19 nov.
VWS
stop nu det børnehave pjat i er jo ikke en døjt bedre selv. Pokerchamp har ændret fint stil fra tidl..
17
18 nov.
EI
Opsang til EI   Det er efterhånden en børnehave i mange af trådene herinde, og jeg kan ikke forstå a..
17
18 nov.
GEN
Nå, GEN fik ikke sneget sig ind i late-breaking abstracts på en Gilead sponsoreret idelalisib+ofatum..
15
21 nov.
SAS-DKK
Jeg har i de sidste par måneder kikket lidt nærmere på SAS. Årsagen til min nysgerrighed skyldes;   ..
10
18 nov.
GEN
Indruldningen i Dara fase II monoterapi studiet blev afsluttet i maj, så de kan i princippet tygge p..
10

Actualité la plus lue

  • 24 heures
  • 48 heures
  • 1 semaine
1
VALNEVA reçoit deux prix Deloitte Technology Fast 50, le prix PME Finance/Morningstar Futur 40, et intègre l'indice EnterNext PEA-PME 150
2
CGG : CGG annonce un nouvel engagement majeur pour le prefinancement du programme StagSeis du Golfe du Mexique
3
GUERBET : Nombre d'actions et de droits de vote composant le capital de la société au 31 octobre 2014
4
NEOVACS : MISE EN PLACE D'UNE NOUVELLE LIGNE DE FINANCEMENT EN FONDS PROPRES AVEC KEPLER CHEUVREUX
5
Sanofi : Genzyme obtient un avis favorable du CHMP pour Cerdelga® (éliglustat, en gélule) en Europe
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.
 
samedi 22 novembre 2014 00:54:08
(UTC+01:00) Brussels, Copenhagen, Madrid, Paris
Version: LiveBranchBuild_20141120.1 - EUROWEB4 - 2014-11-22 00:54:08 - 2014-11-22 00:54:08 - 4 - Website: OKAY