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January 23, 2009

KDB to seek new buyer for Daewoo Shipbuilding

Korea Development Bank is to make a new attempt to sell a 50.4 percent stake in Daewoo Shipbuilding and Marine Engineering. The KDB board decided Wednesday to pull the plug on a deal to sell the controlling stake in the shipbuilder to Hanwha Group.

"We will seek to resume the sale of Daewoo Shipbuilding after monitoring market conditions," said a KDB statement. It said that before putting shipbuilder back on the block its would sell non-core assets and improve management efficiency.

KDB said it would keep a deposit of 300 billion won ($220 million) put up by Hanwha.

In a stock exchange statement today, Hanwha said it would file a lawsuit seeking a return of the deposit.


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