Posco, Hanwha bidding for Daewoo: sources

“We are now doing feasibility studies unofficially on Daewoo International, although we had no official guidelines yet from our top management," said a senior official at Hanwha, asking not to be named because he was not authorised to speak to media.

Posco, the world’s No. 6 steelmaker, has also been conducting feasibility studies on a potential deal for Daewoo International, three industry sources with knowledge of the company said.

South Korean banks and state debt clearer Korea Asset Management Corp (Kamco) own a combined 68.8% stake in Daewoo International, a trading and energy development company.

Their stake is worth about 3 trillion won ($2.51 billion), including a management premium, based on the market price.

Milestone Alert!
Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!