Posco Seeks Stake in Canadian Miner, Sony Issues Bonds: Merger and Acquisitions Recap
The steel producer Posco (NYSE:PKX), which is based in South Korea, is part of a consortium that wants to purchase an approximate $1 billion interest in the iron ore miner ArcelorMittal Mines Canada, which is controlled by ArcelorMittal (NYSE:MT), according to a Monday report in Money Today. The group itself is aiming for a 10 percent interest in the company, while Posco seeks to invest between $200 million and $300 million; the latter is being advised by Morgan Stanley.
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It was reported on Wednesday that the Sony Corporation (NYSE:SNE) will raise ¥150 billion, or $1.9 billion, with the issuance of convertible bonds. Around 33 percent of the proceeds will go for the funding of the firm’s stake in Olympus Corporation (OCPNF.PK)(OCPNY.PK). Other uses for the remaining cash will be to pay for Sony’s purchase of Gaikai Inc., along with planned improvements in CMOS image sensors and debt repayment.
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