Posco will buy Tongyang Power plant in $423 million deal

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Posco will buy Tongyang Power plant in $423 million deal

Posco Energy, an affiliate of Korea’s largest steelmaker Posco, said in a regulatory filing that it is buying Tongyang Power for 431 billion won ($423 million).

Posco Energy said that it will acquire all of Tongyang Power’s 1.18 million shares on Aug. 24.

Tongyang Power was up for sale by creditors following the liquidity crisis in Tongyang Group.

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