* No longer eyeing overseas takeover
* Korean steel giant bidding for Korea Express (Adds background)
SEOUL, April 29 (Reuters) - South Korea's POSCO , the world's No.3 steelmaker, has dropped its interest in buying Norway's Elkem, a maker of silicon for solar panels.
The South Korean steelmaker was eyeing the cross-border takeover, which analysts estimate may cost around $1 billion. [ID:nTOE67T022]
The departure comes as POSCO is currently in the bidding for control of the country's top logistics firm Korea Express in a deal worth about $1.5 billion.
POSCO said in a regulatory filing on Friday that it had considered acquiring Elkem but would no longer pursue the acquisition, citing a lack of investment benefits.
Elkem's parent Orkla ASA said in January that it was in talks to sell its Elkem unit's silicon assets to China National BlueStar, in a deal that could be one of the biggest industrial takeovers by a Chinese group in Europe. [ID:nLDE70906F]. (Reporting by Ju-min Park; Editing by Jacqueline Wong)