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Posco cleared to take over Daewoo International

September 08, 2010 - 12:09 GMT Location: London

South Korea-based steelmaker Posco has received European Commission (EC) regulatory clearance for its takeover of Daewoo International, a move that will boost sales networks and help it diversify into non-ferrous metals

The EC clearance by Brussels comes days after the agreement was signed in Seoul. “Daewoo International and Posco can create synergy, and Daewoo International’s overseas resource development abilities will play a great role in expanding our business,” Posco chairman Joonyang Chung said. Posco...

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