Doosan Drops out of Daewoo Bid
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