STX, Hyundai Heavy plans to vie over Daewoo Shipbuilding

STX may join candidates, such as GS, POSCO and Hanwha, bidding for the takeover of Daewoo Shipbuilding and Marine Engineering. STX chairman Kang Duk-soo on Tuesday said, We're undecided, but are still considering it.

He attended a luncheon hosted by four business associations for visiting Chinese President Hu Jintao at the Shilla Hotel in Seoul. After lunch, he said, I won't make the wrong decision.

Meanwhile, Hyundai Heavy Industries also expressed its intention to participate in the bid, saying, We're going to submit a letter of intent regarding the takeover of Daewoo Shipbuilding and Marine Engineering by the August 27 deadline.

A Hyundai executive said, We're planning to dominate the shipbuilding market by taking over Daewoo Shipbuilding and Maritime Engineering.

We're expecting a synergistic business impact by building LNG vessels and marine plant facilities, which Daewoo Shipbuilding dominates.

Source: http://english.chosun.com