STX Corporation, the listed South Korean shipbuilder, has withdrawn its acquisition plan for Daehan Shipbuilding, an unlisted peer.
In a reply to a South Korean stock exchange request to clarify a news report that it may be acquiring Daehan Shipbuilding, STX said it had been considering buying a stake in Daehan but called off the plan.
As reported earlier, South Korean state-run Korea Development Bank placed Daehan Shipbuilding, whose total assets as of last year stood at KRW 514bn (USD 446m), up for sale and STX Group had entered into acquisition talks.
Source: Maeil Business (translated)
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