All go for Posco

A share buyback by Posco has given the KDB placement a huge fillip as investors applaud Posco''s use of excess cash.

The board of Pohang Iron and Steel Company Posco has approved a share buyback equivalent to 3% of the company's issued share capital. The shares will be bought from the Korea Development Bank KDB at the same time as KDB sells its remaining 6.8% stake to foreign shareholders in a secondary placement of ADRs.

Posco launched the roadshow with two teams. The first is in Singapore today before moving on to the US for the rest of the week. The second team is in Tokyo today before going to Hong Kong tomorrow 13 June and then on to Europe for the rest of the week. The deal will be priced in New York...

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