Mittal may make hostile bid for POSCO: Reports
London: Steel baron L N Mittal is said to be planning a hostile takeover bid for South Korea's POSCO, even as the Korean giant is looking to build up its defence against any such move by raising friendly shareholding in the company, media reports say.

A Korea Economic Daily has reported that the world's largest steel maker Arcelor-Mittal was mulling hostile takeover of Pohang Steel Company (POSCO) and a message about Arcelor-Mittal's interest was conveyed to the Korean major last month.

The daily quoted an unnamed POSCO executive, as saying that Arcelor Mittal's interest in POSCO's M&A strategy means the firm has put POSCO on its M&A target list.

POSCO has been cited as a ripe takeover target by the analysts due to its diversified shareholder base. The company is 60 pc owned by overseas investors, with Nippon Steel holding 60 pc stake as its biggest shareholder and ally.
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PE firm Blackstone may soon launch IPO
New York: Private equity firm Blackstone Group is gearing up to launch an initial public offering according to a media report on Friday. Blackstone is said to be working with investment bank Goldman Sachs Group Inc. on an IPO prospectus that could be filed in the next couple of weeks, business news channel CNBC said on Friday. The report said that the ultimate decision on whether to go public has not yet been made. Blackstone and Goldman Sachs did not comment on the report.
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