• It is reported that private equity firm
• Baugur executive chairman Jon Asgeir Johannesson is studying three acquisitions and has set aside €1.3bn for purchases. Johannesson said that ideally he would prefer
• Morgan Stanley Private Equity has been named as the preferred bidder for South Korea’s ailing
The announcement came after creditors failed to reach an agreement with India’s
Woori said creditors plan to sign a memorandum of understanding with Morgan Stanley as soon as possible before a final deal, possibly in May, after due diligence and price negotiation. Creditors including state-run
Daewoo Electronics is a former unit of Daewoo Group, which collapsed in 1999 with US$80bn in debt in one of the world’s largest corporate failures.
Ranked behind Samsung Electronics and LG Electronics in the domestic market, Daewoo Electronics posted a net loss of W188.6bn on revenues of W2.08trn for 2006. It produces a range of goods including TVs, air-conditioners and washing machines, with its extensive overseas sales networks seen as its key strong point.
The break-up plan is on the agenda for discussion at British Energy’s board meeting in March. The UK government, which controls a 39% stake in British Energy, is understood to be in favour of a break-up. Civil servants have in private voiced concern at British Energy owning eight of the most attractive nuclear power plants in the UK. They think breaking British Energy up would avoid giving the company undue influence in the construction of new nuclear reactors in the country.
It is believed that at least two buyout firms considered break-up bids for British Energy last autumn but the credit crunch forced them to abandon their plans. The company has a market capitalisation of £5.50bn (€7.3bn).