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Thursday February 22nd 2018

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Posco Submits Initial Bid to Buy Stake in Daewoo International

Posco, South Korea’s biggest steelmaker, submitted a letter of intent to buy a controlling stake in trader Daewoo International Corp. as part of an acquisition spree to benefit from the recovering global economy.

The bid was submitted today to state-controlled Korea Asset Management Corp., which is leading the sale as the largest shareholder, Pohang-based Posco said in an exchange filing, without giving details. Daewoo International has a market value of 3.7 trillion won ($3.2 billion).[Read more]