SEOUL, Oct. 25 (Korea Bizwire) — The preferred bidder for cash-strapped Dongbu Daewoo Electronics is set to be selected in the near future, industry sources said Wednesday, with candidates including both local and overseas firms.
According to the sources, NH Investment & Securities Co., which oversees the deal, is currently conducting due diligence with candidates. After the procedure, the firm’s financial investors will pick the preferred bidder based on candidates’ financial and business capabilities.
Sources said the candidates include Dayou Winia Co., a South Korean firm well known for its refrigerators designed exclusively for kimchi.
The candidates may also include companies from Mexico, France, Turkey and Sweden, the sources added. Sweden-based Electrolux also expressed its intention to buy then-Daewoo Electronics before it was acquired by Dongbu Group in 2013.
Dayou Winia, which relies heavily on its kimchi refrigerators, has been seeking to diversify its business portfolio, making the purchase of Dongbu Daewoo Electronics more attractive.
Dongbu Daewoo Electronics currently relies on overseas market to generate 80 percent of its sales. The company makes TV and monitors, refrigerators, kitchen appliances, washing machines and air conditioners.