S Korean shipbuilders eye bid for GTT

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S Korean shipbuilders eye bid for GTT

whowireduniedit

2012.01.10 (15:01:33)

hyundai heavy industries.jpg South Korea’s three biggest shipbuilders – Hyundai, Daewoo and Samsung – are discussing a joint bid for French group Gaztransport & Technigaz valued at about €1bn ($1.3bn), in order to head off a Chinese challenge, according to people close to the talks.

Hyundai Heavy Industries, the world’s biggest shipbuilder by sales, Daewoo Shipbuilding & Marine Engineering and Samsung Heavy Industries are in talks to team up to bid for the French engineering firm, which specialises in cargo containment systems for high-end liquefied natural gas carriers.

Three GTT shareholders were understood late last year to have held initial discussions with bankers about a possible sale, which is drawing interest from Chinese companies as well, according to an industry official. The Korean groups hope to block any Chinese interest as they attempt to stay ahead of the rival yards.

[Via] Financial Times

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