2016 mustang gt 0-60 - Posco, the fourth largest steelmaker around the world, and the Hyundai Heavy Industries Co., the largest shipyard, will certainly acquire stakes in each various other to enhance cooperation and also enhance defenses versus hostile proposals, Posco claimed yesterday.
The Pohang-based steelmaker is expected to spend 346.6 billion won which amounts US$ 373 million so regarding acquire a 1.9 percent stake in Hyundai Heavy held by the Hyundai Mipo Dockyard Carbon monoxide, Posco said in a regulatory declaring. In return, Hyundai Mipo will certainly acquire regarding 872,000 Posco shares.
Lee Ku Taek, the Posco president, will certainly be joining global rivals in boosting defenses to ensure the business's self-reliance as sector debt consolidation increases. The firm claimed last month that 41 percent of its shares were possessed by supposed pleasant financiers which already consist of the Nippon Steel Corp.
The risk purchases are tiny, yet they will certainly contribute to Posco's pleasant shareholdings,"claimed Kim Gyung Jung, an analyst at Samsung Stocks Carbon Monoxide in Seoul. The bargains are? great for Posco's stock as there will be much more need for it.
In 2006, the Mittal Steel Co. acquired Arcelor SA for US$ 38.3 billion so regarding develop the Arcelor Mittal - the largest steel manufacturer worldwide. The step is done to cope with the growing worldwide industry as well as to improve bargaining power with suppliers and customers. In addition, India's Tata Steel Ltd acquired Corus Team Plc for $12 billion in January.
Posco shares, the 2nd most valuable supply on the benchmark Kospi index, obtained 2,500 won or 0.6 percent to 400,000 won Thursday. That matched the record closing on April 24. The statements came after the marketplace's close at 3 in the afternoon.
Posco, which is 59 percent had by overseas investors, counts Nippon Steel, the 2nd biggest metalmaker worldwide, as its biggest shareholder and ally. On October 20, Nippon Steel and also Posco claimed they would certainly spend greater than $900 million to enhance risks in each various other. The Japanese steel maker said last month that it had a five percent risk in Posco.
"We are in talks," Posco spokesperson Ko Min Jin claimed today, replying to report in the Korea Economic Daily that Posco and the world's largest shipyard might take one percent risks in each other. One percent risk in Posco deserves concerning 348 billion won or 375 million bucks. A comparable risk in Hyundai Heavy is worth around 185 billion won. Hyundai cool air consumption should have been blowing favorable vibes for the car manufacturer.
Oriental steelmakers like Posco and also Nippon Steel are speeding up to enhance their market price and also take protective strategies versus feasible requisitions after Mittal Steel Co.'s $38.3 billion requisition this year of its greatest rival, Arcelor SA. Posco's share price has raised lately on supposition that the steelmaker, which is possessed 60 percent by international financiers, might end up being a prime target for an aggressive takeover attempt by Mittal Steel.
In 2014, the two steelmakers said they would certainly invest greater than $900 million to increase risks in each various other. South Korea's National Pension plan Fund, the nation's largest institutional investor, possesses 2.9 percent of Posco. In December, billionaire financier Warren Buffett's Berkshire Hathaway Inc. also divulged it owns a 4 percent share in Posco.