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POSCO goes for Daewoo alone

Seoul: POSCO Co, the world's fourth-largest steelmaker, said Tuesday it has made a solo bid for a controlling stake in Daewoo Shipbuilding & Marine Engineering Co POSCO had previously formed a consortium with GS Group, an energy and retail conglomerate, in an effort to gain control of the world's No. 3 shipyard, but GS dropped out on Monday, hours after the two sides submitted their final bid.
In a regulatory filing made early on Tuesday, GS Holdings, the holding company of GS, said it decided to pull out of the consortium with POSCO because of a "difference" over conditions for the proposed acquisition.
With GS dropping its joint bid, POSCO, Hyundai Heavy Industries Co, the world's largest shipbuilder, and Hanwha Group, an insurance and chemicals conglomerate, are competing to buy a 50.4 per cent stake in Daewoo Shipbuilding. [15/10/08]


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