KDB invites Daewoo bids

Korea Development Bank (KDB), a top shareholder in Daewoo Shipbuilding, will invite bidders for the world’s No.3 shipbuilder next week in a bid to complete a $4 billion sale this year. “A public notice for sale of Daewoo is likely to come out next week,” a KDB official said, adding the bank plans to select a preferred bidder in early October.

The Daewoo deal can become the country’s biggest this year, and at least five bidders including the world’s No.4 steelmaker POSCO and energy group Hanwha have shown interest.