Four buyers bid in Daewoo deal

SEOUL, Aug. 27 (UPI) -- Four major suitors have bid for a majority share of South Korea's Daewoo Shipbuilding in a deal possibly worth $6.5 billion, company officials say.

Among those seeking 50.4 percent of the company are Hyundai Heavy Industries, which runs the world's biggest shipyard, and POSCO, the world's fourth-largest steelmaker, Yonhap news agency reported Wednesday in Seoul.

The state-run Korea Development Bank, which is arranging the sale, says it hopes to complete the deal by the end of the year.