2017 audi q7 review - Posco, the 4th largest steelmaker around the world, as well as the Hyundai Heavy Industries Co., the most significant shipyard, will certainly acquire stakes in each various other to increase participation and also enhance defenses against hostile bids, Posco said yesterday.
The Pohang-based steelmaker is expected to invest 346.6 billion won which is equivalent to US$ 373 million so as to get a 1.9 percent stake in Hyundai Heavy held by the Hyundai Mipo Dockyard Co, Posco stated in a regulative declaring. In return, Hyundai Mipo will buy about 872,000 Posco shares.
Lee Ku Taek, the Posco president, will be joining global competitors in enhancing defenses to guarantee the firm's self-reliance as industry debt consolidation accelerates. The business claimed last month that 41 percent of its shares were owned by supposed pleasant financiers which already consist of the Nippon Steel Corp.
The stake acquisitions are little, however they will certainly add to Posco's pleasant shareholdings,"claimed Kim Gyung Jung, an analyst at Samsung Stocks Co in Seoul. The bargains are? great for Posco's supply as there will be much more need for it.
In 2006, the Mittal Steel Co. bought Arcelor SA for US$ 38.3 billion so regarding form the Arcelor Mittal - the largest steel maker worldwide. The move is done to deal with the growing global sector along with to enhance bargaining power with providers and consumers. Furthermore, India's Tata Steel Ltd acquired Corus Team Plc for $12 billion in January.
Posco shares, the 2nd most important stock on the benchmark Kospi index, acquired 2,500 won or 0.6 percent to 400,000 won Thursday. That matched the record closing on April 24. The statements followed the market's close at 3 in the mid-day.
Posco, which is 59 percent owned by overseas financiers, counts Nippon Steel, the second biggest metalmaker worldwide, as its largest shareholder and ally. On October 20, Nippon Steel and also Posco claimed they would certainly spend more than $900 million to increase stakes in each other. The Japanese steel maker said last month that it possessed a 5 percent stake in Posco.
"We remain in talks," Posco spokeswoman Ko Min Jin said today, replying to report in the Korea Economic Daily that Posco and also the globe's biggest shipyard might take one percent stakes in each other. One percent risk in Posco is worth about 348 billion won or 375 million bucks. An equal stake in Hyundai Heavy is worth around 185 billion won. Hyundai chilly air intake should have been blowing positive vibes in favor of the automaker.
Asian steelmakers like Posco as well as Nippon Steel are quickening to boost their market values and take protective techniques against feasible takeovers after Mittal Steel Co.'s $38.3 billion takeover this year of its largest competitor, Arcelor SA. Posco's share price has increased lately on conjecture that the steelmaker, which is had 60 percent by international investors, might end up being a prime target for an aggressive requisition attempt by Mittal Steel.
In 2015, both steelmakers said they would spend more than $900 million to raise stakes in each other. South Korea's National Pension Fund, the country's largest institutional investor, has 2.9 percent of Posco. In December, billionaire capitalist Warren Buffett's Berkshire Hathaway Inc. additionally divulged it owns a 4 percent share in Posco.