GS pulls out of Daewoo consortium bid

South Korea’s GS Group has withdrawn its bid to buy a controlling stake in Daewoo Shipbuilding & Marine Engineering together with POSCO, a media official at the conglomerate said. It had earlier submitted its bid in a consortium with steel giant POSCO to buy the stake in the world’s third-largest shipbuilder. An official at POSCO said it is not aware of GS Group’s decision.