Jung Joon-yang, POSCO President
POSCO will go ahead with its proposed acquisition of Daewoo Shipbuilding and Marine Engineering (DSME), despite reports of some overseas shareholders, including Warren Buffet, expressing concerns over the deal.
This was reported by the Maeil Business, which cited POSCO president Jung Joon-yang (pictured). Jung dismissed the reports, saying that the overseas shareholders were not opposed to the deal, though some of them expressed concerns over certain aspects.
This statement was in response to an earlier report from the Korea Economic Daily which claimed that some overseas investors in POSCO, including Buffet, who holds a 5.2% stake, had questioned the logic behind the deal.
The report cited an unnamed industry source as saying that Buffet had conveyed his reservations about buying DSME at a time when the outlook for the global shipbuilding industry does not look promising, when he met Jung at the headquarters of Berkshire Hathaway, in January.
(Sources: Korea Economic Daily, Maeil Business)
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