May 10, 2013 / 7:26 AM / 5 years ago

S.Korea's Doosan decides against bid for Novaled AG

SEOUL, May 10 (Reuters) - South Korea’s Doosan Co Ltd said on Friday it has decided not to buy Novaled AG, after expressing an interest in the German high-tech lighting company in March.

The announcement comes after Cheil Industries Inc , an electronic material, chemical and textile unit of Samsung Group, said last month it was looking at acquiring the organic light-emitting diode (OLED) maker.

Novaled, which entered into a strategic cooperation agreement with Samsung Mobile Display (now Samsung Display) in 2012, is already backed by Samsung Group’s venture capital arm Samsung Venture Investment. (Reporting by Joyce Lee; editing by Miral Fahmy)

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