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SK Networks says drops plan to buy stake in Cockatoo Coal
April 23, 2012 / 6:20 AM / 6 years ago

SK Networks says drops plan to buy stake in Cockatoo Coal

SEOUL (Reuters) - South Korea’s SK Networks Co Ltd (001740.KS) said on Monday that it has decided not to buy a stake in Australia’s Cockatoo Coal Ltd (COK.AX).

Last month, the South Korean trading and resources company said it planned to purchase a 40 percent stake in Cockatoo Coal for A$313 million ($332.36 million) as part of efforts to expand overseas resources development.

”We have decided not to pursue an investment in Australia’s Cockatoo Coal as a result of an internal review,’ SK Networks said in regulatory filing, without elaborating.

Reporting By Eunhye Shin and Hyunjoo Jin; Editing by Chris Lewis

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