If Korean MA were a game of cricket, a couple of sixes would have been hit in the first 'over'. StanChart's $3.3 billion acquisition of KFB on Monday, was followed yesterday by Doosan Heavy's $1.8 billion announced acquisition of 51% of Daewoo Heavy at a 220% premium to its current stock price. Barely 10 days into 2005, Korea's MA volume has already broke through the $5 billion mark.
To be fair, the Daewoo Heavy Industries Construction deal has hardly blindsided anyone. The government's desire to sell the company first came to light in the middle of 2003 when CSFB was hired to write a feasibility study. CSFB was...
