Malaysia’s Largest Company to Push Ahead with Acquisition of Daewoo E&C

Not Malaysia focused, but hey.

Dateline 2017-09-01, Business Korea:

Petronas, a world-class energy company, will press ahead with the acquisition of Daewoo E&C, following global players including Saudi Arabia’s Aramco who revealed its will to take part in a bid for Daewoo E&C to be held within this year. Such moves are raising a possibility that Daewoo E&C will be sold off for a higher price. Its estimated selling price is about 2 trillion won (US$1.8 billion).

According to the investment banking (IB) industry on August 31, Malaysia’s Petronas is considering the acquisition of the Korea Development Bank’s 50.75% stake in Daewoo E&C including the management right. Petronas will participate in taking over Daewoo E&C in October after reviewing Daewoo E&C’s business structure, financial conditions and business performances by September. Petronas is said to be planning to forge a local consortium with Maybank and CIMB.

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