Jan 22 (Reuters) - Wacker Neuson said on Thursday that talks will not continue with South Korea's Doosan Bobcat to buy a majority stake in the German construction equipment maker. The German company
Germany's Wacker Neuson says acquisition talks will stop with Doosan Bobcat
Acquisition Discussions Between Wacker Neuson and Doosan Bobcat
Jan 22 (Reuters) - Wacker Neuson said on Thursday that talks will not continue with South Korea's Doosan Bobcat to buy a majority stake in the German construction equipment maker.
Background on the Acquisition Talks
The German company had said last month that it was in "advanced discussions" with Doosan Bobcat over an acquisition of around 63% of its shares from major shareholders and a launch of a public all-cash takeover offer to remaining shareholders.
Company Statements and Future Focus
The Wacker Neuson Group remains focused on its strategy to pursue sustainable growth, the company said in a statement on Thursday.
Doosan Bobcat said in a company filing that it had reviewed the acquisition of Wacker Neuson, but decided not to proceed. It did not elaborate on the reason for not moving forward.
Doosan Bobcat is a unit of Korean conglomerate Doosan.
(Reporting by Hyunsu Yim in Barcelona and additional reporting by Heejin Kim in Seoul; Editing by Chris Reese, Sahal Muhammed and Ed Davies)
