Seoul: Hyundai Heavy industries, the world's largest shipyard and South Korean steel manufacturer POSCO have conducted a cross-shareholding deal in an attempt to circumvent the possibility of a hostile take over. "The deal, which was completed today, will help POSCO step up its defences to thwart any hostile takeover attempt," an unnamed POSCO official told AFP.
The deal saw HHI subsidiary Hyundai Mipo spend $369m to acquire a 1% stake in POSCO which bought a 1.9% stake in HHI in return. POSCO has undertaken a number of such agreements with friendly firms such as Nippon Steel following rumours that it was a takeover target by the world's biggest steelmaker - Arcelor Mittal. [01/05/07]
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