Posco-Led Consortium in Exclusive Talks to Buy ArcelorMittal's Mine in Canada -Source
December 03 2012 - 7:24PM
Dow Jones News
By Kanga Kong
SEOUL--A consortium led by South Korean steelmaker Posco
(005490.SE) has been named the preferred bidder for a stake in an
ArcelorMittal (MT)-controlled iron-ore mine company in Canada, a
person who has direct knowledge of the matter said Tuesday.
"Posco-led consortium has been in exclusive talks" with
ArcelorMittal for the stake, the person told Dow Jones
Newswires.
The progress comes after the Korean steelmaker said in
mid-November that it is considering forming a consortium to buy the
stake in a bid to boost access to the key raw material.
"We are seeking to form a consortium with local investors to
acquire about a 10% stake valued at $1 billion in the Canadian mine
operator," Posco's spokesman said at the time.
Posco declined Tuesday to comment on whether it has won the
exclusive talks.
Write to Kanga Kong at kanga.kong@dowjones.com
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