Taekwang Industrial Consortium's Acquisition of K Shipbuilding Falls Through

UAMCO and KHI Do Not Select Preferred Bidder
Sale Plan Remains Unchanged

The acquisition of K Shipbuilding by the Taekwang Industrial consortium has fallen through.

A 50,000-ton petrochemical product carrier built by K Shipbuilding. K Shipbuilding

According to industry sources on June 19, K Shipbuilding's joint major shareholders, UAMCO (United Asset Management Company) and KHI Group, have made the final decision not to select the Taekwang Industrial consortium as the preferred negotiating party in the public competitive bidding for the sale of management control shares and bonds. Currently, UAMCO and KHI Group each hold a 49.79% stake in K Shipbuilding.

The two companies announced a public competitive bidding for the sale of K Shipbuilding's management rights in September last year. In the main bidding process, only the 'Taekwang Industrial consortium'—comprised of Taekwang Industrial, Osung Advanced Materials, and Green Harbor Asset Management—participated, making it a leading candidate for the acquisition. However, UAMCO and KHI Group determined that the acquisition terms proposed by the Taekwang Industrial consortium did not meet their guidelines, leading to the breakdown of final negotiations.

Nevertheless, it has been confirmed that UAMCO and KHI Group remain committed to selling K Shipbuilding. There is also speculation that Taekwang Industrial may make another attempt to acquire the company.

This content was produced with the assistance of AI translation services.