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 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.
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 the Korean conglomerate Doosan.
Reuters
