Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

POSCO goes for Daewoo alone

POSCO goes for Daewoo alone

Seoul: POSCO Co, the world's fourth-largest steelmaker, said Tuesday it has made a solo bid for a controlling stake in Daewoo Shipbuilding & Marine Engineering Co POSCO had previously formed a consortium with GS Group, an energy and retail conglomerate, in an effort to gain control of the world's No. 3 shipyard, but GS dropped out on Monday, hours after the two sides submitted their final bid.
In a regulatory filing made early on Tuesday, GS Holdings, the holding company of GS, said it decided to pull out of the consortium with POSCO because of a "difference" over conditions for the proposed acquisition.
With GS dropping its joint bid, POSCO, Hyundai Heavy Industries Co, the world's largest shipbuilder, and Hanwha Group, an insurance and chemicals conglomerate, are competing to buy a 50.4 per cent stake in Daewoo Shipbuilding. [15/10/08]

Hide comments


  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.