POSCO, the Korea Stock Exchange listed steelmaker, announced today that it has signed a MOU to acquire Daewoo International, a listed international trading company.
As reported earlier, Daewoo International’s creditors, including Korea Asset Management Corporation (KAMCO), selected POSCO as the preferred bidder for a controlling 68.1% stake in the company.
A related report on the deal from Maeil Business Newspaper included the following -
POSCO CEO Chung Joon-yang ordered to integrate POSCO’s positive corporate culture with Daewoo International’s aggressive, global pioneer spirit, in order to maximize synergy.
After POSCO has been named as the preferred bidder for Daewoo International, Chung has reiterated employees’ commitment to creating synergy effects.
“Based on mutual respect, we need to pursue further development [of the company] by making Daewoo International’s strengths stand out to the maximum, while blending them well with POSCO’s business principles and ethical management,” Chung said in a meeting of executives held on Tuesday.
He expressed his anticipation that Daewoo International’s incorporation into POSCO, once realized, will lay the solid foundation for accomplishing POSCO’s sales target of 100 trillion won ($79.8 billion) as well as the Vision 2018.
(Sources: Maeil Business, Company Press Release)
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