Seoul: Hyundai Heavy Industries is playing white knight once again to protect Korean interests. Hyundai Samho Heavy Industries Co, a shipbuilding unit of HHI, is buying a 1% stake in steelmaker Posco.
Posco is gathering together big Korean names to help it fight any possible foreign takeover, with Mittal Steel being the largest threat. The global steel industry is undergoing a dramatic period of consolidation.
The stake will cost HHI around 402bn won ($439m.
The latest share purchase will increase HHI's shareholdings in Posco via its subsidiaries to 2%.
HHI bought into shipping line Hyundai Merchant Marine a couple of years back to fend of others. [19/07/07]
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