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| The president of Korean Development Bank, Min Yoo Sung | ||
Korean Development Bank(KDB) issued Hanhwa the ultimatum on the Daewoo Shipbuilding & Marine Engineering(DSME) sale, saying that KDB will consider Hanhwa has no willing to buy DSME and exercise the seller right as a main creditor when Hanhwa does not accept conditions over the deal.
The KDB president, Min Yoo Sung said on Thursday, "In order to help Hanwha in preparing the funds for taking over, we came up with the idea of making private equity fund(PEF) with the investors and are now waiting for Hanwha's reply on the conditions over the acquisition." And, he added, "Now is the Hanwha's call whether to buy DSME or not."
What suggested to the buyer is that PEF invested by KDB will be used to purchase the assets of Hanwha's inter-subsidiaries on the condition that Hanwha is paying for the deal by the funds from the sales over the subsidiaries.
The president Min said that the possibility of managing the company poorly would be lowered only when the deal could be made by the payment with at least 60 percent self-finance out of total acquisition price in order to relieve the pressure on loan interest.
And he explained that both seller and buyer could take the benefit from the win-win strategy by taking our suggestion because the buyer would not only maintain the health of finance but also prepare the payment for the aquisition by selling off the self-assets.
However, he highlighted that KDB does not have any willingness to change the conditions in the memorandum of understanding(MOU) due to the controversy over the special treatment or fairness. He said, "If Hanwha does not accept the condition, we will consider it as 'no-interest-in-buying' and take Hanwha off from the list of possible preferred bidders and ask Hanwha to pay the cancellation fee for being unfulfilled with the amount of 300 billion won.
By Kirim Shin
신기림 기자 kirimi99@ajnews.co.kr
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