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Wednesday November 22nd 2017

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Posco close to clinching Daewoo International


Posco on Friday was chosen as the preferred bidder to buy Daewoo International, a South Korean trader and resource developer, for about $3bn as South Korea’s biggest steelmaker accelerates its international hunt for natural resources to secure a stable supply of raw materials.

Posco beat Lotte Group, operator of one of South Korea’s biggest retailers, in the race to buy 68 per cent of Daewoo International. The stake, which was put on the block in the second half of last year, is currently held by nine local financial institutions, led by state-run Korea Asset Management Corp. [Read More]