Posco Buys $2.8 Billion Stake in Daewoo International

Posco, the world’s third-biggest steelmaker, agreed to buy control of Daewoo International Corp. for 3.37 trillion won ($2.8 billion) to expand its sales network and gain raw materials as prices climb.

Posco will acquire 68.15 percent of the steel and crude oil trader, the Pohang-based steelmaker said in a regulatory filing today. The purchase price of 49,101.5 won a share is 53 percent higher than Daewoo International’s closing share price on Aug. 27, based on figures derived from the statement.