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Daewoo Shipbuilding Contemplates Buying German Wind Power Firm

Published Nov 7, 2011 2:48 PM by The Maritime Executive

Daewoo Shipbuilding and Marine Engineering announced on Monday that they are considering acquiring German wind power firm Bard Holding GmbH as they seek to develop new engines for growth amidst the sluggish shipbuilding market.

Spokesman for Daewoo, Ahn Ick-chul, told Dow Jones and they have entered a final bid for the company, but have yet to conduct due diligence on it, adding that they have yet to decide whether to buy a stoke or the whole company.

South Korea’s newspaper, MoneyToday, stated that Daewoo is competing with General Electric and Chinese companies to acquire the German firm. 

J.P. Morgan is managing the sale for Bard, and they are hoping to close a deal by early 2012. 

Daewoo reported a 56% slump this money in operation profit, and are hoping wind investment will provide new revenue sources in the rapidly expanding industry.