Mittal planning hostile bid for POSCO: Reports

India-born steel tycoon L N Mittal is planning a hostile takeover bid for South Korea's POSCO, even as the Korean giant is looking to build up its defence against any such move by raising friendly shareholding in the company, media reports said.

The Korea Economic Daily today reported that the world's largest steel maker Arcelor-Mittal was mulling hostile takeover of Pohang Steel Company (POSCO) and a message about Arcelor-Mittal's interest was conveyed to the Korean major last month.

The paper said that Roland Junck, an adviser to Arcelor- Mittal CEO Lakshmi Mittal had in February asked POSCO specific questions about its merger and acquisition strategies in Asia.

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