SEOUL -- South Korea's Hanwha Group has been named as the preferred bidder to acquire Daewoo Shipbuilding & Marine Engineering (DSME) from state-run lender Korea Development Bank (KDB), bringing the privatization of the world's third-largest shipbuilder closer after more than 20 years and multiple failed attempts to find a buyer.
KDB Chairman and CEO Kang Seog-hoon said on Monday that Hanwha was prepared to invest 2 trillion won ($1.39 billion) to buy new DSME shares, which would make it the largest shareholder with a 49.3% stake.
