660
Saudi Fund to Buy Posco Stake
World Economy

Saudi Fund to Buy Posco Stake

South Korean steelmaker Posco is considering selling part of a stake in construction unit Posco Engineering & Construction to an unidentified Saudi Arabian fund in a deal worth nearly 1 trillion won ($966.28 million), said a senior official.
“The fund proposed the sale to help Posco E&C expand in Saudi Arabia,” the official told Reuters on condition of anonymity because the matter is confidential. The South Korean firm plans to sell about 30-40 percent stake in the construction unit to the unnamed Saudi Arabian sovereign wealth fund, local newspaper Korea Economic Daily reported, citing unnamed investment banking sources. The move comes as Posco E&C, in which the South Korean firm holds a 89.53 percent stake, plans to go public as part of the steelmaker’s efforts to bolster its balance sheet. POSCO (formerly Pohang Iron and Steel Company) is a multinational steel-making company headquartered in Pohang, South Korea. It had an output of 39.1 million tons of crude steel in 2011, making it the world’s fourth-largest steelmaker by this measure. In 2010, it was the world’s largest steel manufacturing company by market value. Also, in 2012, it was named as the 146th world’s largest corporations by the Fortune global 500. POSCO currently operates two integrated steel mills in South Korea, in Pohang and Gwangyang. In addition, POSCO operates a joint venture with US Steel, USS-POSCO, which is located in Pittsburg, California, United States.

Short URL : http://goo.gl/gzkqZG

You can also read ...

All three sides can’t agree on a few key issues.  Top of the list: The manufacturing of cars.
No meaningful progress is being made in NAFTA trade talks...
IMF Cautions Kenya on Rising Debt
The International Monetary Fund has cautioned that Kenya’s...
The rules say that EU countries should have budget deficits below 3% of GDP and public debt below 60% of GDP.
National budgets of six eurozone countries may break the...
AT&T-Time Warner Merger Case Politically Motivated
The US Justice Department’s lawsuit to block AT&T’s $85...
Gold Inches Up as Dollar Dips
Gold prices crept up on Wednesday amid a softer dollar, with...
Credit Tightening Dominoes Threaten Asia With Hidden Risks
With Asia’s economies humming along, consumer prices rising...
Mexico Boosts Minimum Wage
The bittersweet news for Mexico’s poorest workers: the...
UK Slashes Growth Projections
Britain slashed its official projections for economic growth...

Trending

Googleplus