Finance / Australia
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POSCO Increases Competition For Macarthur
July 2008 | M&A News AlertSorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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Activity continues in the steel industry, as three heavyweights square off over control of the world's largest provider of pulverized coal. The Pohang Iron and Steel Company (POSCO), Asia's third largest steelmaker and a bedrock of Korean industrial development has agreed to pay AUD424mn (US$408mn), or US$19.11 a share, for a 10% stake in Brisbane-based Macarthur Coal. That the acquisition comes just after the world's number one steel firm, ArcelorMittal, boosted its own stake in the company to 19.9%, the most allowed under Australian law without having to make a full takeover offer, is no coincidence.