Doosan Group has dropped its bid for Daewoo Shipbuilding and Marine Engineering. The bidding war over the biggest M&A market offering in the second half of this year will be waged by three rivals online -- GS Group, POSCO, and Hanwha Group.
In a formal public announcement on Monday, Doosan said, "We decided not to take part in a bid for the acquisition of Daewoo Shipbuilding."
A Doosan executive added, "In a recent meeting of top executives, we decided to focus more on strengthening the key existing business division of the group than on creating new business. We will also give up our plan of taking over Hyundai Engineering and Construction."
Doosan said it had signed a 55-million euro contract with Moxy Engineering AS, a Norwegian dump truck manufacturer, to strengthen its construction equipment division.
In a formal public announcement on Monday, Doosan said, "We decided not to take part in a bid for the acquisition of Daewoo Shipbuilding."
A Doosan executive added, "In a recent meeting of top executives, we decided to focus more on strengthening the key existing business division of the group than on creating new business. We will also give up our plan of taking over Hyundai Engineering and Construction."
Doosan said it had signed a 55-million euro contract with Moxy Engineering AS, a Norwegian dump truck manufacturer, to strengthen its construction equipment division.