Reuters logo
UPDATE 1-POSCO interested in Thyssen Americas unit - report
2012年10月4日 / 上午9点43分 / 5 年前

UPDATE 1-POSCO interested in Thyssen Americas unit - report

* MoneyToday newspaper says POSCO submits letter of intent

* Thyssen says U.S., Brazil steel mills have drawn suitors

* Thyssen shares gain 1.9 percent (Adds shares, details, background)

SEOUL/FRANKFURT, Oct 4 (Reuters) - South Korean steelmaker POSCO is interested in buying ThyssenKrupp AG’s struggling Steel Americas unit, South Korean newspaper MoneyToday said on Wednesday, boosting the German group’s shares.

MoneyToday said POSCO had submitted a “letter of intent” to buy ThyssenKrupp’s two steel mills in Brazil and the United States, grouped together in its Steel Americas unit.

In South Korea, the term is typically used as a non-binding statement that an acquisition is being considered.

The newspaper cited an official related to the deal as saying POSCO had hired Credit Suisse as an advisor for the purchase and that it might form an alliance to buy the assets from Germany’s biggest steelmaker.

A POSCO spokesman declined to comment on the report but said it was studying ThyssenKrupp’s assets. A ThyssenKrupp spokesman reiterated it was in talks with a number of interested parties. A spokeswoman for Credit Suisse in Seoul declined to comment.

ThyssenKrupp shares rose as much as 3.9 percent and traded 1.9 percent higher at 17.30 euros at 0855 GMT, within a flat STOXX Europe 600 industrial goods and services index.

MoneyToday said there was no clear sign of POSCO’s determination to clinch a deal as its available cash had dropped to around $1.8 billion and the company faced a potential downward revision of its credit rating.

ThyssenKrupp said in May it was considering all strategic options for Steel Americas to stem losses from the unit and refocus the group on its core European business.

Bankers involved in the process have told Reuters that potential bidders for Steel Americas include world No.1 steelmaker ArcelorMittal, U.S. Steel, Japan’s Nippon Steel and China’s Baosteel, as well as POSCO. (Reporting by Hyunjoo Jin and Joyce Lee in Seoul, Matthias Inverardi in Duesseldorf, Ludwig Burger in Frankfurt; Editing by Matt Driskill and Mark Potter)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below