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South Korea's Pohang Iron and Steel Company's (POSCO's) acquisition of Daewoo International Corporation means it will back away from bidding for Daewoo Shipbuilding & Marine Engineering (DSME), its chief executive has confirmed.
POSCO completed its takeover of Daewoo International, a company that is principally a diversified commercial manufacturer but also has interests in defence, on 30 August for KRW3.3 trillion (USD2.8 billion). POSCO was named as preferred bidder for the company in May.
According to Chung Joon-yang, the chief executive of the steel group, the acquisition means that POSCO has formally ended its interest in bidding for DSME, South Korea's largest naval shipbuilder.
The company "has no plans" to acquire DSME, Joon-yang said to national news service Yonhap on 31 August.
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