Doosan Drops out of Daewoo Bid

Tuesday, August 26, 2008

Doosan Group pulled out of the bidding for Daewoo Shipbuilding, while steel firm POSCO said it was seeking partners to make a bid.
POSCO, the world's No.4 steelmaker and a strong candidate for the Daewoo deal, wants to partner with a financial firm and 's National Pension Service (NPS) to bid for Daewoo Shipbuilding, reports said.
The developments reflect expectations that a hefty premium for Daewoo Shipbuilding could double the value of a deal to $7.8-$9.6m and that tight credit market conditions are squeezing potential buyers.
Source:  Reuters

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