Kepco and Posco face up to international equity investors

The Korean government has re-activated its stop-start privatisation programme with the sale of stock in its steel and electricity companies.

Books for a 6.84% sell-down in Posco Pohang Iron Steel have just closed in New York Thursday EST. With Merrill Lynch and Salomon Smith Barney as lead managers, the Korea Development Bank KDB has forged ahead with a third attempt to offload its stake and complete the government's privatisation of the steel company.

An accelerated bookbuild conducted over the last 48 hours has resulted in books closing oversubscribed, with what is described by bankers as a full book of true demand. The key question, however, remains whether the bank will decide to sell the 23.1 million unit offering at what will be a 1.5% discount to the...

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