POSCO,GS Group to Make Joint Bid for Daewoo

Friday, October 10, 2008

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, 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 had been considered as a strong candidate even alone but some analysts had been skeptical about benefits from a steel-shipbuilder combination.

Source:  Reuters

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