Doosan Heavy shares drop 4.2 pct on Reuters’ KDB scoop

Shares of Doosan Heavy Industries & Construction Co were down around 1.5 percent on May 22, trading lower on speculation that shareholder KDB planned to sell out of its stake in the company. Around noon, Reuters confirmed through sources that KDB had already sent out requests for proposals to banks to coordinate the sale and that the RFPs were due on May 26. Doosan Heavy’s stock dropped when Reuters crossed the headline. Dow Jones matched the news an hour later with a statement from KDB confirming the RFP proposals. By then, Doosan Heavy’s stock was down 4.2 percent on the Reuters report.