RHJ International Confirms Non Binding Memorandum Of Understanding For Proposed Purchase Of Daewoo Electronics Corporation
Brussels, October 23, 2006 - RHJ Interantional SA (EURONEXT: RHJI) confirms that together with Videocon Industries Ltd, it has entered into a non-binding Memorandum of Understanding (the “MOU”) dated October 20, 2006 with Woori Bank, acting as the principal bank of the Creditor Financial Institutions Committee (the “CFIC”) for Daewoo Electronics Corporation (the “Company” or “DEC”) for the proposed purchase of the equity and debt interest of the CFIC in the Company (the “Purchase”).
According to the terms of the MOU the proposed aggregate consideration for the purchase of the shares and the claims is approximately seven hundred billion Korean Won (KRW 700,000,000,000), subject to adjustments. The current expectation among RHJI and Videocon Industries Ltd is that each would own approximately one-half of the consortium.
The completion of the transaction is subject to various conditions, among others, the execution of definitive agreement, completion of due diligence, corporate approvals by the buyers, and the approval of the Korean authorities including the Fair Trade Commission.
RHJI intends to have no further comment until a definitive agreement is reached or the negotiations are terminated.
About RHJ International:
RHJ International (EURONEXT: RHJI) is a limited liability company organized under the laws of Belgium, having its registered office at Avenue Louise 326, 1050 Brussels, Belgium. It is a diversified holding company focused on creating long-term value for its shareholders by acquiring and operating businesses in attractive industries in Japan and elsewhere.
This press announcement does not constitute an offer or invitation to purchase any securities or a solicitation of any offer to buy any securities.
This document may contain statements that constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Such forward-looking statements reflect RHJ International’s current expectations and beliefs and are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from those described in the forward-looking statements. RHJ International does not undertake any duty to update forward-looking statements.
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- Arnaud Denis
- Investor Relations Contact
- RHJ Interantional SA
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