South Korea’s STX Group said Monday that it will not bid for a stake in Daewoo Engineering & Construction, according to a report from Yonhap News.
Covering a regulatory filing, the article quotes STX as saying -
“We reviewed the takeover, and decided not to bid for Daewoo Engineering.”
While the group said last week that it may join in bidding, a company official said the group has decided to focus on its mainstream shipbuilding and shipping businesses.
See ‘Daewoo E&C Update: STX in preliminary review‘ for more information, or here for all previous stories on the sale.
(Source: Yonhap News)
No related posts.
