BRUSSELS (AFX) - Belgium-based holding company RHJ International confirmed that it and India's Videocon Industries have signed a non-binding memorandum of understanding to buy South Korea's ailing Daewoo Electronic Co.
It said completion of the deal is subject to approval by the South Korean authorities.
Earlier from Seoul, Yonhap news agency reported that under the deal, the consortium led by Videocon will buy Daewoon Electronics for 700 bln won. victoria.main@afxnews.com vm/joy COPYRIGHT Copyright AFX News Limited 2006. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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