The Videocon Group is set to clinch a deal with Daewoo Electronics, said Videocon Group Chairman Venugopal N. Dhoot. “We are very close to settling a deal with Daewoo Electronics. Discussions are on with the creditors and we have almost managed to wrap up the funding and pricing issues. I cannot comment on when, but can only say that it is expected to happen very soon.”
If closed, it will be Videocon’s third major acquisition in the last year. The company took over Thomson’s global color picture tube manufacturing business and the Indian operations of Electrolux.
Earlier this month, the group submitted a revised bid after Daewoo’s creditors rejected the original proposal in December. Differences had cropped up between the two over price and other terms of the deal. The company officials had reportedly said the results of the revised bid are expected in a month.
Videocon had initially demanded a 13-percent discount on the initial bid price of $752 million for the creditors’ 97.6-percent stake in Daewoo Electronics, which was rejected.
Back to Breaking News