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“Consolidation is good for the industry, but not for the company which buys the stake,” said analyst Um Kyung-a at Shinyoung Securities, citing overlapping businesses between Hyundai and Daewoo. The shipbuilding industry accounts for 7 percent of both exports and employment in Asia’s fourth-biggest economy. Hyundai Heavy’s workers’ union said it will delay a vote on last year’s wage deal in protest of a purchase it says could threaten job security london cufflinks. It said it would be “angered” if the shipbuilder plowed money into buying another big firm having released workers after reporting losses and shrinking orders..
SEOUL (Reuters) – Korea Development Bank, the biggest shareholder of Daewoo Shipbuilding and Marine Engineering Co Ltd, on Thursday said it has signed a conditional deal with Hyundai Heavy Industries Group to sell Daewoo shares london cufflinks. The state-funded bank said in a statement it signed a memorandum of understanding with Hyundai that includes liquidity support of 2.5 trillion won ($2.25 billion) for Daewoo. KDB also said it would approach local shipbuilding peer Samsung Heavy Industries Co Ltd to gauge any interest in taking over Daewoo..
SEOUL (Reuters) – South Korean gaming firm Netmarble said it will form a consortium to bid for a controlling stake in Nexon’s holding company, the latest to show interest in a deal that could be worth about $9 billion after Kakao. Both Netmarble Corp and Kakao Corp are backed by Tencent Holdings Ltd and, according to sources, the Chinese tech giant too is considering a bid london cufflinks. Kim Jung-ju, founder of Nexon, the country’s biggest gaming company, plans to sell a 98.64 percent stake in NXC Corp, held by himself and related parties including his wife, the Korea Economic Daily newspaper has reported..
Selling the stake to overseas companies would weaken the competitiveness of the industry in the country, said Netmarble, which controls over a quarter of South Korea’s mobile gaming market london cufflinks. Tencent has a 17.66 percent stake in Netmarble. “We believe the tangible and intangible values of Nexon are important assets to Korea,” Netmarble said in a statement, adding its consortium will mainly include domestic firms. Netmarble also said it had been considering buying Nexon for two months and decided to participate in the bid a month ago..
Nexon shares ended up 0.7 percent on Thursday, after earlier rising more than 3 percent after Netmarble’s announcement, in a flat wider market london cufflinks. South Korea’s top chat app operator Kakao, in which Tencent holds a 6.7 percent stake, said last week it was reviewing a bid for Nexon’s holding firm. Spokespersons at Kakao and Netmarble declined to comment on whether the pair would join forces for a bid. A 98.64 percent stake in NXC would be worth between 8 trillion and 10 trillion won ($7.1 billion and $8.9 billion), according to South Korean local media reports..