Posco Makes Bid On $2B Stake In Daewoo International

Law360, New York (February 24, 2010, 3:46 PM EST) -- South Korean steel giant Posco reportedly made a preliminary bid Wednesday on a controlling stake valued at $2 billion in trading organization and energy resource developer Daewoo International Corp.

Posco, the world's fourth-largest and South Korea's largest steel company by output, submitted a letter of intent to buy as much as a 68 percent stake in Daewoo International, according to a news report from South Korea's Yonhap News Agency.

A merger of the two companies would expand Posco's ability to secure natural resources, as Daewoo International...
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