Third time lucky for KDB's Posco sale

KDB has announced that it is relaunching the sale of its remaining stake in Posco.

The Korea Development Bank KDB has announced that it is to relaunch the stalled sale of its remaining 6.84% stake in Korean steel giant Pohang Iron and Steel Company Posco. The sale will be done through the issuance of American Depositary Receipts. Officials at KDB have announced that marketing of the deal will begin on September 25. It is unclear if this will involve a roadshow. The officials said that they hope to complete the sale by mid-October.

This will be the second attempt that the bank has made to sell the stake via an ADR, after first pulling a domestic placement in December last year. In July this year, an...

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