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5 years ago
Dongbu Group submits main bid for S.Korea's Daewoo Electronics
August 21, 2012 / 8:37 AM / 5 years ago

Dongbu Group submits main bid for S.Korea's Daewoo Electronics

SEOUL, Aug 21 (Reuters) - South Korea's Dongbu CNI Co said in a regulatory filing on Tuesday that its parent Dongbu Group had entered a main bid to acquire unlisted home appliance maker Daewoo Electronics.

Dongbu CNI added the actual Dongbu affiliate that would be acquiring Daewoo will be decided if and when Dongbu is chosen as preferred bidder.

This is the sixth time Daewoo's creditors including Woori Bank have put up the washing machine and refrigerator maker for sale.

Local media previously estimated the sale value will be around 300 billion Korean won ($264.49 million). ($1 = 1134.2500 Korean won) (Reporting By Joyce Lee; Editing by Ken Wills)

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