October 16, 2008
KDB disqualifies POSCO bid for DSME
Korea Development Bank (KDB) today said it is disqualifying POSCO Co., the world's fourth-largest steelmaker, from bidding for a controlling stake in Daewoo Shipbuilding & Marine Engineering Co.
KDB said Thursday it was rejecting POSCO bid as part of its efforts to "secure fairness and transparency of the sale process," reports Korea's Yonhap news agency.
POSCO had sought to bid for DSME on a solo basis after GS Group abruptly pulled out of its consortium with POSCO. On Monday, the two had submitted a joint final bid to buy a 50.4 percent stake in shipbuilder, but GS dropped out within hours of the submission.
The two other bidders were Hanwha Group and Hyundai Heavy Industries Co.