POSCO says to buy Thainox for $287 mln

Thu Jul 7, 2011 7:50am GMT

SEOUL, July 7 (Reuters) - POSCO , the world's third-biggest steelmaker, said on Thursday that it had agreed to buy 3.98 million shares in Thainox Stainless Pcl , Southeast Asia's largest stainless steel producer, for 305.9 billion won ($287 million).

POSCO, which already owns 15.39 percent of Thainox, said the value of the deal was subject to change as it plans to buy up to 6.596 million shares through a tender offer between September and October. ($1 = 1065.950 Korean Won)