Samtan selected to acquire Dongbu Power Dangjin

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Samtan selected to acquire Dongbu Power Dangjin

Samtan, a major coal trader in Korea, will acquire Dongbu Power Dangjin, a private coal thermal power plant operator under Dongbu Group, after it was selected as a preferred bidder yesterday.

Korea Development Bank (KDB), a main creditor for cash-strapped Dongbu Group, said that the acquisition deal can be made in this week. Dongbu Group will use the money from Samtan to payback its affiliate Dongbu Construction’s debt.

Samtan, SK Gas, Daelim Industrial, GS EPS, LG International Corp. and Daewoo E&C have participated in the pre-bidding process, but only Samtan and SK Gas have made actual bidding that was due on Monday. The bidding price from Samtan hasn’t been disclosed yet.

KDB originally tried to sell Dongbu Power Dangjin and Dongbu Steel’s Incheon plant as a package to Posco, but the deal fell out in late June.

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