POSCO acquires 68 percent in Daewoo International for $2.83 billion

Tuesday, 31 August 2010 12:14:12 (GMT+2)

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.

 previous article  /  next article