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Business deals

Samsung Heavy refuses KDB invitation to buy Daewoo Shipbuilding

Hyundai Heavy becomes sole bidder, to set up joint venture with state-run lender

SEOUL - Hyundai Heavy Industries Group looks set to be the sole bidder for South Korea's Daewoo Shipbuilding & Marine Engineering, after Samsung Heavy Industries rejected an invitation to bid from the shipyard's top shareholder, Korea Development Bank.

KDB, which holds 55.7% of DSME, said that Samsung Heavy had notified the state-run lender that it had no intention of joining the bidding process. 

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