News - Hanwha Group
2009-01-21 07:28:24
The state-run Korean Development Bank said it would reject a deal for Hanwha Group to buy 50.4 percent of Daewoo Shipping & Marine Engineering Co. The board of directors reached a consensus that Hanwha's funding plan was not realistic and its proposal to buy a part of the stake was not acceptable, a bank official said, Yonhap News Agency reported Wednesday. The bank said it would keep a $220 million Hanwha deposit, Yonhap said. Hanwha signed preliminary papers on the deal in November.