이 기사는 2022년 03월 21일 08:08 thebell 에 표출된 기사입니다.

South Korea’s state-run Korea Development Bank (KDB) is said to have started a process to sell Daewoo Shipbuilding & Marine Engineering again. The bank may hand over its stake in the shipbuilder to its subsidiary KDB Investment after the European Union (EU) antitrust regulator vetoed Hyundai Heavy Industries Group's proposed acquisition of its smaller rival, citing monopoly issues.

KDB is receiving professional business advice from an outside institution to enhance Daewoo Shipbuilding’s competitiveness, according to industry sources on Thursday. The process will be completed soon and the lender will decide whether to resell the shipbuilder after receiving the final report.

The European Commission announced its decision to block the merger of the South Korean shipbuilders in January, arguing the tie-up could create a monopoly in the liquefied natural gas carrier market.

KDB sought management consulting as part of its plan to minimize confusion in advance in case the EU’s antitrust regulator vetoes the merger.

With the European Commission’s decision, KDB and other government agencies have decided to come up with a plan to strengthen competitiveness based on the advice and announce whether it would seek a private owner once again.

However, Representative Seo Il-jun of the main opposition People Power Party claimed in his statement earlier this month that KDB is attempting to secretly re-sell Daewoo Shipbuilding through its subsidiary KDB Investment. He pointed out that the sale should be carried out through a fair and transparent procedure and with the new vision by the new administration.

Immediately after the merger between Daewoo Shipbuilding and Hyundai Heavy Industries collapsed, market insiders mentioned a possibility of KDB Investment playing a central role in the sale.

KDB Investment has proved its ability to drive corporate restructuring by improving cash-strapped Daewoo Engineering & Construction’s financial soundness and successfully closing a merger and acquisition deal.

If KDB Investment comes forward to lead the sale of Daewoo Shipbuilding, the deal is likely to go smoothly. While state-run policy bank KDB has to sell the company through a public auction, KDB Investment, a private equity firm, has wider options for the sale.

It is expected to take some time to discuss details of the possible resale of Daewoo Shipbuilding. Major decisions are highly likely to be pushed back, with president-elect Yoon Suk-yeol taking office in May.

“There has been no review regarding the transfer of a stake in Daewoo Shipbuilding to KDB Investment,” an official at KDB said. (Reporting by Gyu-hee Kim)