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Thursday, July 21, 2011

Canada to determine Davie ship bid's eligibility, (TSE: SNC), (TSE: SNC)

Canadian officials are putting aside a bid by Davie Yards for a contract under a C$35 billion ($37.1 billion) shipbuilding program until its eligibility can be determined, a senior official said on Thursday. Three bids, including Davie's, were received by the federal government Thursday morning, said a senior official from the National Shipbuilding Procurement Strategy secretariat. The other two offers were from Vancouver Shipyards and Irving Shipbuilding Inc. The official said they are established eligible bidders. A Quebec court earlier Thursday approved the sale of bankrupt Davie to a subsidiary of Upper Lakes Group. That putUpper Lakes and its consortium partners - SNC-Lavalin (SNC.TO) (SNC.TO) and South Korea's Daewoo Shipbuilding and Marine Engineering (042660.KS) - in the running for the contract to overhaul Canadian Navy and Coast Guard ships. ($1=$0.94 Canadian)



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