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POSCO shares up after disqualified from Daewoo bid

POSCO shares up after disqualified from Daewoo bid

Seoul: Shares of South Korea's POSCO rose on Friday, recouping some of the previous day's sharp falls, as investors welcomed news that the world's No. 4 steelmaker failed to make it to the final round of a shipyard deal. State-run Korea Development Bank said late on Thursday that POSCO was not eligible as a potential buyer for a controlling stake in Daewoo Shipbuilding & Marine Engineering , a deal estimated to fetch $4 billion-$5 billion.
The decision was made in response to POSCO's consortium partner, GS Group, abruptly pulling out of a joint bid for 50.4 percent of the world's third-largest shipbuilder. POSCO shares have been beaten down in the past week by concerns over the impact of the bid on its finances. On Thursday, the stock plunged by its daily limit of 15 percent.

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