|
Lee Ku-taek, the CEO of steel giant POSCO, told reporters on Tuesday that negotiations are under way with a village in the Indian state of Orissa to complete the purchase of land needed for a planned steel plant there. The next two or three months will be critical, he said.
Lee made the remarks at the first POSCO Asia Forum which was hosted by the POSCO TJ Park Foundation at the COEX International Hotel in Seoul on Wednesday.
He expressed confidence that construction of the Indian plant will go smoothly, since 90 percent of the site is owned by the Indian government and the remaining 10 percent is privately owned. The steel maker has successfully wrapped up negotiations with two out of three villages on the private property.
Turning to the possibility of a hostile acquisition attempt against POSCO, Lee said that the danger has lessened significantly since POSCO's stock price has climbed. However the stock price is still insufficient to comfortably block a hostile takeover threat, he said, adding that the ideal price should be at least above W500,000 (US$1=W924).
(englishnews@chosun.com )
|
