POSCO picks Woori Investment, two others as advisers for Daewoo bid

SEOUL, Dec. 2 (Yonhap) -- POSCO, South Korea's leading steelmaker, said Wednesday
that it has chosen Macquarie Group Ltd., Woori Investment & Securities Co., and
Shinhan Investment Corp. to advise on its bid to acquire Daewoo International
Corp.

POSCO said earlier that it was reviewing a takeover of Daewoo International, a
former Daewoo Group unit whose operations are focused mainly on energy
development.
Creditors of Daewoo International, led by state-run debt restructurer Korea Asset
Management Corp. (KAMCO), are seeking to sell a 68 percent stake, valued at
around 2.2 trillion won (US$ 1.84 billion).
Daewoo International is conducting massive gas and oil field development
projects. Of them, its gas project in Myanmar is estimated at up to 8 trillion
won.
Hanwha Group, which owns Korea Life Insurance Co., the country's No. 2 life
insurer, is also reportedly interested in taking over Daewoo International, which
has a 24 percent stake in Kyobo Life Insurance Co.
Hanwha is seeking to boost its insurance business through the acquisition, which
would give the group assets comparable to those of Samsung Life Insurance Co.,
the country's leading life insurer.
sam@yna.co.kr
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