South Korean steel colossus POSCO has agreed to pay KRW 3.37 trillion ($2.83 billion) for a 68.15 percent stake in metal and oil trading company Daewoo International.
According to international press reports, the agreement was announced by state debt clearer, the Korea Asset Management Corporation (KAMCO).
A regulatory filing by POSCO said that the purchase price of KRW 49,101.5 a share is 53 percent higher than Daewoo International's closing share price on August 27. POSCO was the largest shareholder in Daewoo International before it agreed to acquire a controlling stake.