Samsung Heavy rejects offer to buy Daewoo

SEOUL: Samsung Heavy Industries turned down an offer to take over rival shipbuilder Daewoo Shipbuilding & Marine Engineering, said the top shareholder of Daewoo yesterday. State-funded Korea Development Bank, which holds a 56 per cent stake in Daewoo, said it aimed to sign a deal to sell the shipbuilder to sole bidder Hyundai Heavy Industries once its board approves it in early next month. Hyundai Heavy announced a share swap deal worth 2.1 trillion won last month to take over Daewoo and create a global heavyweight controlling over 20 per cent of the market.