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’Kumho to sell Daewoo stake
Daewoo Engineering and Construction, South Korea’s largest builder, was put up for sale on Sunday, three years after it was sold to Kumho Asiana Group for $5bn. The move follows pressure on Kumho to find fresh investors in Daewoo to ease a liquidity crunch.
It’s official: Lehman takeover story now out of control
Just as it looked like the Korean contingent had abandoned Lehman, Reuters cites South Korea’s Yonhap news agency reporting on Wednesday morning that state-run Korea Development Bank is seeking a controlling stake in Lehman Brothers,
Equities slide as Lehman plunges 45%
US stocks suffered their worst fall of the year and US Treasuries rallied as a 45% drop in Lehman Brothers shares renewed fears about the global financial system, reports the FT. The S&P500 fell 3.4%, reversing Monday’s 2.1% gain on Washington’s weekend takeover of mortgage financiers Fannie Mae and Freddie Mac.
KDB warned against Lehman stake
South Korea’s top financial markets regulator has said that the state-run Korean Development Bank should think carefully about buying a stake in Lehman Brothers given the state of international markets.
Korea military fund may back Lehman bid
South Korea’s Military Mutual Aid Association, a military pension fund, said Wednesday it might consider a joint investment in Lehman Brothers with state-run Korea Development Bank, reports the FT. But the fund said it has yet to receive a proposal from KDB,
From Korea, with love
Ah, so many potential buyers, so little… credibility. The Lehman clearance sale.
As the FT has reported, the Koreans are indeed the current frontrunners in the Lehman sack race. The Korean Development Bank (KDB) confirmed talks on Tuesday:
KDB confirms talks with Lehman
State-owned Korea Development Bank confirmed Tuesday that it was in talks with Lehman Brothers for a possible investment in the troubled US bank, but other reports said the price of the deal remained an issue,
Korean regulator warns KDB on Lehman
South Korea’s top financial regulator on Monday said it was “cautious” on Korea Development Bank’s interest in taking over a bank such as Lehman Brothers, stressing that such a deal would be better led by private lenders.
Lehman held talks to sell 50% stake
Lehman Brothers, the beleaguered US investment bank, held secret talks to sell up to 50% of its shares to South Korean or Chinese parties in the first week of August but failed to reach agreement with either.
KDB fund to aid S Korea’s global growth
Korea Development Bank, the state lender, is about to launch a $1bn private equity fund to help South Korean companies expand overseas, the latest in a series of government initiatives aimed at encouraging local business to go global.