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FORMAL CONTRACT ON SALE OF S KOREA'S HANBO IRON INKED.
SEOUL, Aug 2 Asia Pulse - A South Korean consortium signed a formal contract for the takeover of Hanbo Iron & Steel Co. on Saturday.
The consortium of INI Steel Co. (KSE:004020) and Hyundai Hysco Co. (KSE:010520) said it will take over management of the steelmaker around late August after consulting with creditors and winning approval from Hanbo shareholders.
The consortium of Hyundai Motor Group's steelmaking arms was picked as the prime bidder for Hanbo Iron in late May.
INI Steel and Hyundai Hysco had initially offered to pay 910 billion won (US$779 million), but reportedly adjusted the price downward to 870-880 billion won after due diligence revealed Hanbo's financial position was weaker than expected.
"We will first focus on restarting the construction of facilities at Hanbo's Dangjin plant," an INI Steel official said, requesting anonymity.
Dangjin, ...
- INI STEEL, HYUNDAI HYSCO START DUE DILIGENCE ON HANBO IRON.
- News wire article from: AsiaPulse News June 14, 2004 700+ words
...preferred bidder for the sale of Hanbo Iron & Steel Co., started...representatives from the consortium of INI Steel Co. (KSE:004020) and...diligence, the officials said. INI Steel holds the largest share in...bankruptcy in January 1997. The INI Steel-Hyundai Hysco ...
- INI Steel, Hyundai Hysco Start Due Diligence on Hanbo Iron.
- News wire article from: YON - Yonhap News Agency of Korea June 14, 2004 700+ words
...preferred bidder for the sale of Hanbo Iron & Steel Co., started...representatives from the consortium of INI Steel Co. and Hyundai Hysco visited...diligence, the officials said. INI Steel holds the largest share in...bankruptcy in January 1997. The INI ...
- Consortium to Ink Deal to Buy Hanbo Iron & Steel Friday.
- News wire article from: YON - Yonhap News Agency of Korea July 29, 2004 700+ words
...formal contract on the takeover of Hanbo Iron & Steel Co. Friday. In late May, the consortium of INI Steel Co. and Hyundai Hysco Co. was picked...bidder for the steelmaker. Sources said INI Steel and Hyundai Hysco would offer to pay...
- 15 Firms Bid for Hanbo Iron & Steel.
- News wire article from: YON - Yonhap News Agency of Korea April 14, 2004 700+ words
...Steel Mill Co., INI Steel, Hyundai Hysco and...predicted the bidding for Hanbo Iron & Steel would...another consortium of INI Steel and Hyundai Hysco. INI Steel is a steelmaker affiliated...bidding race for Hanbo Iron & Steel heating...
- 15 FIRMS BID FOR S KOREA'S HANBO IRON & STEEL.
- News wire article from: AsiaPulse News April 15, 2004 700+ words
...Analysts predicted the bidding for Hanbo Iron & Steel would be a two-way...Steel Mill and another consortium of INI Steel and Hyundai Hysco. INI Steel is...company. With the bidding race for Hanbo Iron & Steel heating up, the analysts...
- Former Owner of Hanbo Iron & Steel Seeks to Retake Company.
- News wire article from: YON - Yonhap News Agency of Korea April 16, 2004 700+ words
...Dongkuk Steel Mill Co., INI Steel, Hyundai Hysco and a...predicted the bidding for Hanbo Iron & Steel will be...and another composed of INI Steel and Hyundai Hysco. With...for the creditors to put Hanbo Iron & Steel on the block...
- FORMER OWNER OF HANBO IRON & STEEL SEEKS TO RETAKE COMPANY.
- News wire article from: AsiaPulse News April 16, 2004 700+ words
...Dongkuk Steel Mill Co., INI Steel, Hyundai Hysco and a...predicted the bidding for Hanbo Iron & Steel will be...and another composed of INI Steel and Hyundai Hysco. With...for the creditors to put Hanbo Iron & Steel on the block...
- Dongbu Steel Declares Intention to Bid for Hanbo Iron.
- News wire article from: YON - Yonhap News Agency of Korea April 2, 2004 700+ words
...to bid for control of Hanbo Iron & Steel Friday...steelmakers to take over Hanbo Iron. "Dongbu is interested...steelmakers -- POSCO, INI Steel, Hyundai Hysco and Dongkuk...upcoming open bidding for Hanbo Iron. According to industry...
Source: HighBeam Research, FORMAL CONTRACT ON SALE OF S KOREA'S HANBO IRON INKED.