Friday, March 16, 2007

POSCO steps up defences against hostile Arcelor Bid

POSCO, the world's third largest steelmaker, said Friday it is stepping up its defences to thwart any hostile takeover attempt amid reports Arcelor Mittal is looking at the company.
"The company will acquire more friendly shares for stable management," a POSCO official told AFP, adding that shareholders counted as friendly to the management now controlled 40 percent of the company.
"This will help POSCO thwart a possible takeover bid by foreign firms."

Link to story | The Australian


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