POSCO, the listed South Korean steel maker, has decided to participate in the final bidding for the sale of Daewoo International, the listed South Korean wholesaler.
POSCO said in a statement to the stock exchange that its board of directors has approved the matter in a meeting April 23rd.
Earlier it was reported that the formal bidding in the sale of Daewoo International would be carried out during the second week of May, however this may have to be pushed back as the due diligence process is taking longer than expected.
As reported, POSCO, Lotte and Jihan Global were short-listed as bidders, for KAMCO’s 50% plus one share stake in Daewoo International.
(Source: Stock exchange announcement)
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