Daewoo Elec sees Videocon deal closed by Dec

Seoul, Sep 12: South Korean appliance maker Daewoo Electronics expects to finalise its sale to a consortium led by India's Videocon Industries Ltd. by the end of December, the company said on Tuesday.

More details of the deal will be made available once a memorandum of understanding is signed by the end of September, the company said in a statement.

Videocon and RHJ International , the holding company of U.S. buyout fund Ripplewood, were picked Friday as the preferred bidder to buy Daewoo Electronics.

Officials from Daewoo's creditor banks declined to reveal the bid price, but a local newspaper said the Videocon consortium offered 670 billion to 680 billion won (9.7 million-0.2 million).

Reuters