S-Oil drops out of bid for Australian oil firm
Seoul - Yonhap
S-Oil Corp., South Korea's third-largest refiner, said Monday that it has broken off negotiations to buy a partial stake in an Australian oil firm. "We had been carrying out talks to buy a partial stake in United Petroleum as a preferred bidder, but failed to reach an agreement and decided to stop negotiations," said S-Oil in a regulatory filing. It did not elaborate on why the negotiations fell through.
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