U.S. Markets closed

South Korea's KDB signs conditional deal with Hyundai Heavy over Daewoo stake sale

SEOUL (Reuters) - Korea Development Bank, the biggest shareholder of Daewoo Shipbuilding and Marine Engineering Co Ltd, on Thursday said it has signed a conditional deal with Hyundai Heavy Industries Group to sell Daewoo shares.

The state-funded bank said in a statement it signed a memorandum of understanding with Hyundai that includes liquidity support of 2.5 trillion won ($2.25 billion) for Daewoo.

KDB also said it would approach local shipbuilding peer Samsung Heavy Industries Co Ltd to gauge any interest in taking over Daewoo.




(Reporting by Hyunjoo Jin, Writing by Ju-min Park; Editing by Christopher Cushing)