The Korea Development Bank (KDB) has barred an attempt by Pohang Iron and Steel Company (POSCO) to enter a solo bid for a controlling stake in Daewoo Shipbuilding & Marine Engineering (DSME). The rejection was a result of the changes that POSCO made to its bidding proposal after its former consortium partner, the GS Group, withdrew from the bid on 13 Octo- ber, a KDB official told Jane's on 17 October. In addition, a KDB executive was quoted by South Korean news agency Yonhap as saying that the move was made to "secure fairness and transparency of the sale process". The rejection of POSCO's bid leaves just two companies - Hanwha Group and Hyundai Heavy Industries - vying to purchase the 50.4 per cent stake in state-owned DSME. The KDB official said that a preferred bidder would be named on 24 October.
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