4 bidders shortlisted to buy Daewoo Engineering stake

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4 bidders shortlisted to buy Daewoo Engineering stake

About four bidders have been shortlisted to buy the controlling stake in Daewoo Engineering and Construction from the state-run Korea Development Bank (KDB), an industry source said Friday.

Among the shortlisted bidders is Hoban Construction, a local construction firm, the source said on condition of anonymity.

The shortlisted bidders will begin due diligence on Daewoo Engineering starting next week, according to the source.

The 50.75 percent stake in Daewoo Engineering is valued at 1.5 trillion won ($1.34 billion) and is held by a private equity fund controlled by KDB.

KDB plans to pick a preferred bidder early next year and complete the deal by July.

The state lender, a key creditor of Kumho Asiana Group, purchased the stake in Daewoo Engineering in 2010 to help its debt-ridden parent group restructure its finances.

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