South Korean steelmaker POSCO is to complete the acquisition of all outstanding shares in Southeast Asia's largest stainless steel producer, Thailand-based Thainox Stainless Public Co. (Thainox), by October this year.
POSCO already owns a 15.39 percent stake in the Thai stainless steel producer. On July 7, POSCO said it is currently buying a stake in Thainox from major shareholder the Mahagitsiri family in a deal worth $287 million.
POSCO said it plans to buy all the remaining shares it did not own in a tender offer at the same share price between September and October this year. Accordingly, the overall value of the company is estimated at around $440 million.