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Posco Selected as Preferred Bidder for Daewoo International
05/25/2010 - The Public Fund Oversight Committee recently held meetings at the Korea Deposit Insurance Corp. with the Sales Review Subcommittee and selected Posco as the final preferred bidder for Daewoo International. Posco plans to utilize all cash assets to take over the creditor’s shares of 68.15% without external loans.
The Public Fund Oversight Committee recently held meetings at the Korea Deposit Insurance Corp. with the Sales Review Subcommittee and selected Posco as the final preferred bidder for Daewoo International.
Posco plans to utilize all cash assets to take over the creditor’s shares of 68.15% in Daewoo International without external loans.
Posco plans to utilize all cash assets to take over the creditor’s shares of 68.15% in Daewoo International without external loans.
It also plans to foster Daewoo International as a global network company with more than 100 offices worldwide and sales of 20 trillion KRW by 2018 through various development projects centered on the trading company, resource development, and new business development.
A global sales channel in undeveloped areas such as the Middle East and Africa will be built, according to Posco, to assist in its overseas steel sales supply, which is increasing due to expanded facilities.
Posco says it is considering assigning new supplies regarding steel product exports to Daewoo International with priority while assuring existing supplies handled by other trading companies.
The company will secure resources from overseas resource development projects such as Australia’s Narrabri bituminous coal mine and Madagascar’s Ambatobi nickel mine carried out by Daewoo International.
In addition, overseas energy exploration and development projects, including the gas development of Myanmar, Peru, and Vietnam petroleum development, are planned to be expanded so Posco E&C, Posco Power, and other related affiliates can create synergy abroad.
