Posco divests Shinhan stake

Steel group takes advantage of strong share price performance to execute clean up trade.
Investors debate the merit's of Posco block
Investors debate the merit's of Posco block

Posco completed a $157 million clean up trade in Korea's largest and most profitable private sector banking group on Monday, riding the back of momentum, which has enabled the banking sector to vastly outperform the underlying Kospi index over the course of the year. 

The steel group offered 4.369 million shares or 0.92% of Shinhan Financial’s outstanding share capital, marketing the deal of range of W42,450 to W43,950.

This represented a discount of zero to 3.4% on the stock's W43,950 $36.35 close. 

Bankers said two investors had already more than covered the entire book pre-launch and final allocations were also highly concentrated....

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