Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Nearly 30 years of experience in the Korean/Asian equity research. Major sectors coverage include the following:
- Technology 
- Consumer 
- Special Situations/Deep Value Plays
- Tender Offers/M&As
- Holdcos/Stubs
- Asian Unicorns/Private Companies

Korea/Asia, Events, IPOs

POSCO: Signs a Strategic Partnership with Cleveland-Cliffs

POSCO: Three Key Catalysts (Lithium Asset Revaluation, Share Buyback, & Steel Price Hike)

HMM: Tender Offer of 8% of Outstanding Shares and Cancellation

POSCO Holdings Is Selling Nippon Steel Shares Worth 468 Billion Won

POSCO Int & Seah Steel Holdings: Key Beneficiaries of Trump's Plan to Develop Alaskan Gas Fields

Douglas Research Advisory

Event-Driven

<ul>
<li>The biggest potential M&amp;A event right now in Korea is the potential acquisition of HMM Co., Ltd. (011200 KS) by POSCO Holdings (005490 KS).</li>
<li>Overall, we believe there is a higher probability of POSCO backing out of this potential acquisition of HMM, rather than POSCO completing this M&amp;A deal.</li>
<li>Although POSCO claims that it spends about 3 trillion won annually on logistics, the actual synergies among these three businesses (steel, rechargeable battery, and logistics) remain murky.</li>
</ul>


The biggest potential M&amp;A event right now in Korea is the potential acquisition of HMM Co., Ltd. (011200 KS) by POSCO Holdings (005490 KS).
Overall, we believe there is a higher probability of POSCO backing out of this potential acquisition of HMM, rather than POSCO completing this M&amp;A deal.
Although POSCO claims that it spends about 3 trillion won annually on logistics, the actual synergies among these three businesses (steel, rechargeable battery, and logistics) remain murky.


포스코, 현대상선 인수·합병 검토