Dongwon Group is reportedly among the bidders vying for Spanish canned tuna producer Luis Calvo Sanz S.A.
According to the Korean publication Money Today, Dongwon Group has submitted a letter of intent and has been shortlisted as a potential buyer. An individual connected to the sale said, “Dongwon Group’s will and bargaining power are greater than the other competition so there is a strong chance that they will be chosen as the preferred bidder.”
The sellers — which include one majority shareholder and a group of Spanish banks that own a combined 22 percent stake in the company — are offering a controlling stake of greater than 50 percent, reported Money Today. A 50 percent stake in Calvo is estimated to be valued at more than KRW 200 billion.
In November, Dongwon Group acquired Senegalese tuna cannery SNCDS. And, in 2008, the Korean company landed StarKist, one of the United States’ leading canned tuna brands.
