Shares of Posco (KRX:005490) rose over 7% in recent trade on Thursday after the company announced on Wednesday its decision to sell its entire stake in Nippon Steel (TYO:5401) valued at 467 billion won while maintaining their partnership, The Korea Herald reported the same day.
The stake has been classified as assets held for sale, though the timing and method remain undecided, the report said.
The move comes after Nippon Steel's sale of its entire Posco stake worth 1.1 trillion won last year as it pursued a $14.9 billion US Steel acquisition, according to the report.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.