woori-exits-posco-through-410-million-placement

Woori exits Posco through $410 million placement

Follow-through buying pushes the Korean steel maker 2.9% higher in the wake of the transaction, which came at a 3% discount.

Woori Finance Holdings on Wednesday sold its entire 1.1% stake in Korean steel maker Posco through a placement, cashing in W468.6 billion $410 million. Woori, which is the largest financial holding company in Korea and the owner of Woori Bank, didn't specify the reasons for the sale or what it plans to do with the money, but given how close we are to year-end it isn't too far-fetched to assume that it is just taking the opportunity to secure some profit while tidying up its portfolio.

Posco's share price has had a strong run this year -- at the time of Wednesday's transaction it was up 83% from its lows in March and less...

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