Daewoo workers vote to strike

Shipyard workers at Daewoo Shipbuilding & Marine Engineering have voted to strike against a planned stake sale this year. The union said that about 93% of the 6,503 workers voted in favor of a strike, adding that the timing and extent of the strike will depend on the progress of the sale.

The creditors, led by state run Korea Development Bank, announced earlier this month that they plan to select a preferred bidder as early as August to sell their combined 50.4% stake in the shipyard. The 50.4% stake in was valued at about $4.2 billion at current market prices, but some analysts say the price could go beyond $5 billion, given the company’s bright outlook.