POSCO is likely to set aside KRW 5tn (US$4.42bn) for the potential acquisition of Daewoo International and Daewoo Shipbuilding and Marine Engineering (DSME).

The Korea Economic Daily reported today, that POSCO, the Korean listed steel maker, plans to allot KRW 10tn for investment purposes this year, half of which will be put towards investment in facilities with the other half to be used for the potential acquisitions of Daewoo International and DSME.

As reported earlier, South Korean Posco hired Woori Investment Securities, Shinhan Investment Bank and Macquarie as joint financial advisors to acquire Daewoo International, the listed South Korean wholesaler, in which the state-run Korea Asset Management is seeking to offload a 35.5% stake.

It was also reported that the sale of 50.4% stake in DSME, the listed South Korean shipbuilder, is expected to resume this year.

For the original article see here.

And for background information see ‘35% Daewoo International stake to go on sale‘ and ‘New Year Sales‘.

(Source: Korea Economic Daily)