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Doosan backs away from DSME bid

Doosan backs away from DSME bid

Seoul: South Korea's Doosan Group has revealed that it does not intend to participate for a 50.4% stake in Daewoo Shipbuilding and Marine Engineering, the world's third largest shipbuilder. The decision, the result of a negative shareholder reaction to the financial burden of the purchase, comes as DSME stakeholder Korea Development Bank opens the bidding process for the yard. Steel producer POSCO is expected to emerge as the leader of the pack of other companies bidding for the DSME stake which carries an estimated value of $4bn.  [18/08/08]

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