s korea＇s doosan ｄrops bid for daewoo shipbuilding

south korea＇s doosan infracore co., the construction equipment arm of doosan group, said today that it won＇t bid for the sale of daewoo shipbuilding ａnd marine engineering, citing the global economic downturn ａnd a plan to focus on its core businesses. doosan infracore ａnd affiliates of doosan group "decided not to take part in a bid for the acquisition of daewoo shipbuilding ａnd marine engineering," the company said in a regulatory filing. doosan＇s withdrawal comes as state﹣run korea development bank (kdb), a top shareholder in daewoo shipbuilding, is expected to announce this week a public notice to sell a controlling stake in the world＇s no. 3 shipyard.
kdb plans to seｌect a preferred bidder by the end of this month for a 50.4 per cent stake in daewoo shipbuilding.
analysts estimate the daewoo shipbuilding stake will be priced between 4 trillion won (us$3.85 billion) ａnd 5 trillion won, making it the largest takeover deal in terms of value.
with doosan ｄropping its bid, steelmaker posco co. ａnd three other family﹣run business conglomerates, including hanwha ａnd gs, have expressed their interest in buying daewoo shipbuilding.