Looking for investment opportunities, South Korean steel giant POSCO has announced that fellow South Korean enterprises Daewoo International, Daewoo Shipbuilding and Daewoo Engineering & Construction are its top potential takeover targets, with Daewoo shares rocketing after the news.
"We're most interested in taking over Daewoo International given the expected synergy effect compared with Daewoo Shipbuilding and Daewoo Engineering & Construction," POSCO CEO Chung Joon-yang said on Thurday, January 14, as reported by various newswires.
Daewoo Shipbuilding shares increased 13.69 percent, Daewoo International shares were up 1.77 percent and Daewoo Engineering rose 2.37 percent, following the announcement by POSCO.