Referenced Stocks

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

By Midnight Trader,  November 14, 2012, 08:38:16 AM EDT

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.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

Referenced Stocks: MS, MT



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