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, 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