Posco Acquires Daewoo For $2.8 Billion

South Korea's Posco PKX, the world's third-largest steelmaker, will acquire Daewoo International for $2.8 billion in effort to boost its sales network and trim raw materials prices. The purchase price represents a 53% premium to where Daewoo shares closed on Friday. The purchase is Posco's largest in the past five years and is expected to be finalized by the end of next month. Daewoo International owns stakes in a nickel mine in Madagascar, a coal mine in Australia and an oil block in Vietnam, according to Bloomberg News. Arcelor Mittal MT is the world's largest steel producer.