Market Chatter: POSCO Consortium Eyes $1 Bln Stake in ArcelorMittal Canada Mine

By Staff,

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A consortium including South Korean steelmaker POSCO is seeking to acquire a roughly $1 billion stake in a Canadian iron ore mine operator controlled by ArcelorMittal ( MT ), South Korean financial publication Money Today reported on Wednesday, according to Reuters

The bidding group seeks to acquire about a 10% stake in ArcelorMittal Mines Canada, with POSCO looking to invest $200-300 million and the rest coming from its partners, Money Today said citing unidentified sources in the merger and acquisition industry.

Morgan Stanley ( MS ) is advising POSCO, it said.

A POSCO spokeswoman said the company was studying the possibility of buying a stake in the operator, but nothing had been decided yet.

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This article appears in: Investing Commodities
Referenced Stocks: MS , MT

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