Nippon Steel Plans to Divest Stake in South Korean Steelmaker Posco
By P.R. Venkat
Nippon Steel plans to sell its stake in South Korean steel giant Posco as part of its drive toward asset efficiency.
The Japanese company plans to sell 2.89 million Posco shares and timing of the sale will be determined by various factors including market trends, Nippon said Tuesday.
According to FactSet, Nippon's 2.89 million shares translate to a 3.5% stake in Posco.
Nippon had acquired a stake in Posco in 2000 through a strategic alliance agreement.
The Japanese steelmaker, which is looking to acquire U.S. Steel in a $14.1 billion deal, said the impact of the divestment on Nippon Steel's financial statements for the year ending March 2025 is currently unspecified.
Write to P.R. Venkat at venkat.pr@wsj.com
(END) Dow Jones Newswires
September 24, 2024 03:15 ET (07:15 GMT)
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