Sale of Daewoo E&C flops as bidder Hoban Construction pulls out

South Korea's Hoban Construction has withdrawn its bid for bigger rival Daewoo Engineering & Construction upon discovering massive losses in overseas project. Korea Development Bank has been trying to shed the builder it took over in 2010 for nearly $3 billion from Kumho Asiana Group. In its initial bid, Hoban sought for a 40% stake first and the remainder over the next three years.