Reuters reported that Abu Dhabi Investment Company and 2 other foreign companies are bidding for South Korea's Daewoo Engineering and Construction Company.

The official said that private equity firm MBK Partners had dropped out of the bidding while AC Development of the US and Saudi Arabian investment companies S&C International were in the auction.

The official said that "Bidding will close by November 11th 2009 to be evaluated through November 16th 2009 to pick a preferred buyer."

Kumho Asiana Group, the parent group of the country's No 3 builder has put a majority stake in Daewoo Engineering up for sale in a deal estimated at about USD 2.6 billion. Korea Development Bank and Nomura which are handling the sale had short listed bidders into 4 groups. They are set to receive final bids between today and November 11th 2009 and complete the auction by the middle of this month.

Mr Min Euoo sung CEO of KDB said that Daewoo Engineering would most likely be sold to a foreign company.

Abu Dhabi said in June that it was diversifying investments into South Korea and Asia. AC Development runs project construction and other engineering services.

(Sourced from Reuters)