DSME bidding process to kick off next week

Seoul: Korea Development Bank, a top shareholder in Daewoo Shipbuilding has announced that it will invite bidders for the world's No.3 shipbuilder next week in a bid to complete a $4 billion sale this year, writes Reuters. "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.

At least five bidders including the world's No.4 steelmaker POSCO and energy group Hanwha are expected to submit bids.  [15/08/08]