SAMSUNG OF South Korea has moved a step closer to taking over Fokker with signature of a letter of intent giving it exclusive rights to examine the bankrupt Dutch manufacturer's books.
The agreement with Fokker's board of trustees gives Samsung sole access to the company's accounts for one month until 15 October. The move allows Samsung more time to finalise a take-over and enlist help from the South Korean Government, without having to bid against Yakovlev.
Samsung is already understood to have made an initial offer of under $100 million and is looking to Seoul and the Hague for additional support. According to one source, Samsung has tentatively proposed taking a 50% stake, with 35% to be held by the South Korean Government and the other 15% by the Dutch.
Industry observers suggest that the final package price for rescuing Fokker will be considerably higher. In addition to Fokker's factories, there is the added cost of acquiring technology, starting new production, reaching an accommodation with the Stork, the new owner of product-support concern Fokker Aviation, and developing a follow-on passenger aircraft.
The South Korean Government has not yet agreed to provide any financial support for Samsung and is thought unlikely to until South Korea's other manufacturers can be persuaded to take part. Korean Air and Daewoo have so far remained aloof, saying that it is entirely a Samsung affair.
According to local sources, the rival companies have been privately lobbying the Government against any support for a take-over of Fokker. Korean Air and Daewoo are instead pressing it to support smaller collaborative developments with either Saab or Aero International (Regional).
Despite its being shut out of the running until at least the middle of October, Yakovlev vice-president Arkadiy Gurtovoy, still thinks the Russian company has a fair chance of reaching a deal.
Source: Flight International
