• search

Daewoo Elec sees Videocon deal closed by Dec

Written by: Staff

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).


For Daily Alerts

For Breaking News from Oneindia
Get instant news updates throughout the day.

Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more