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Biz News Korea(Eng)
Ssangyong Materials buyers shortlisted for a deal close to $85 million
- Collected
- 2016.12.16
- Distributed
- 2016.12.19
- Source
- Go Direct
According to the investment banking industry Wednesday, Kukdong Oil & Chemicals Co. and OCI-affiliated Union handed their final bid for Ssangyong Materials in an auction arranged by Samil PricewaterhouseCoopers. SKC Co., KCC Corp. and Iljin Materials, once regarded as strong candidates, pulled out of the race. A preferred bidder will be named within this week at the earliest.
Ssangyong Materials supplies its core product magnets used in motors to major global auto parts companies. Its parent company Ssangyong Cement Industry has been trying to sell noncore units including Ssangyong Materials to focus more on its mainstay cement business since it was acquired by private equity investment firm Hahn & Company last year.
More than 10 bidders including local rivals SKC and KCC made preliminary bids in October. The heated completion pushed up the deal value and scared off contenders.
Shares of Ssangyong Materials closed Wednesday at 4,370 won, gaining 53.6 percent from 2,845 won on Sept. 28. The company finished Thursday 17.5 percent down at 3,605 won, disappointed that the deal could be scaled down. Still the seller is expected to fetch 100 billion won for a 52.17 percent stake that a few months ago would have stopped at 70 billion won.
By Chun Gyung-woon
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]