 |
(Photo= Yonhap news) |
[Alpha Biz= Reporter Kim Jisun] Nippon Steel announced its decision to sell its entire stake in POSCO Holdings (3.42%, or 2,894,712 shares) for approximately 1.1 trillion won (based on the closing price of 385,000 won on the 24th). This move is aimed at improving capital efficiency.
The two companies have had a long-standing strategic alliance since 2000, with an additional agreement in 2006 to acquire each other's shares. The sale is interpreted as part of Nippon Steel's efforts to secure funds for its potential acquisition of US Steel, which is estimated to cost around $14.9 billion.
Despite the sale, Nippon Steel plans to maintain its cooperative relationship with POSCO moving forward.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
