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Doosan shares jump on talk of Daewoo bid drop

Sun Aug 17, 2008 9:17pm EDT

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SEOUL, Aug 18 (Reuters) - Shares in Doosan Group units climbed on Monday on market talk that the South Korean heavy industry group may drop its bidding interest for Daewoo Shipbuilding & Marine Engineering (042660.KS).

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"There are rumours going around the market that Doosan is dropping its bid intentions for Daewoo Shipbuilding and it's prompted a rally in group shares," said Cho In-kap, an analyst at Goodmorning Shinhan Securities.

A spokesman for Doosan Group declined to comment.

Doosan Heavy Industries 034202.KS was up 3.87 percent to 102,000 won and Doosan Infracore (042670.KS) was up 4.1 percent to 26,650 won as of 0110 GMT.

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