POSCO,GS Group to Make Joint Bid for Daewoo
POSCO and GS Group said they are teaming up in the race to buy Daewoo, Reuters reported.
POSCO, the world's fourth-largest steelmaker, and GS Holdings (078930.KS), the holding company for energy-to-construction group GS, said they were forming a consortium to bid for Daewoo.
A 50.4 percent stake in Daewoo is being sold by top shareholders including Korea Development Bank.
Cash-rich POSCO (PKX) had been considered as a strong candidate even alone but some analysts had been skeptical about benefits from a steel-shipbuilder combination.