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Videocon frontrunner for acquiring Daewoo
By agencies
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Monday, 21 August 2006, 19:30 IST
MUMBAI: Videocon, one of IndiaÂ’s top electronics and home appliances makers is understood to have emerged as the front-runner for acquiring South Korean consumer goods giant Daewoo Electronics.
The $650 million bid, if it comes through, will further strengthen the companyÂ’s global presence in the fast growing electronics and consumer durable business. Earlier this year, Videocon had acquired color picture tube business of French giant Thompson SA for Euro 240 million.
Daewoo Electronics, controlled by Korean Asset Control Management Corporation and Woorie Bank, which own 97 percent stake in the business, was put on the block by its lenders and had announced earlier this year that it would be selling its consumer electronics division and invited bids, inviting bids from interested parties.
The other bidders for Daewoo's consumer goods business are Haier, LG Electronics and Whirlpool PLC. Investment bankers have valued Daewoo between $500-600 million.