STX Pan Ocean surges on report of POSCO interest

STX Pan Ocean Co Ltd jumped as much as 9.2 percent on Monday after a media report said steelmaker POSCO was interested in buying a controlling stake worth $333 million in the shipper.
POSCO denied the report. "The report is groundless, We have not considered a bid for STX Pan Ocean," a spokeswoman for POSCO told Reuters.
MoneyToday citing an official in the M&A industry, said POSCO had signed a non-disclosure agreement to explore the purchase of the shipper,
SK Shipping Co Ltd had also signed a non-disclosure agreement, but would not bid for a stake in STX Pan Ocean after SK Group chairman Chey Tae-won was jailed on embezzlement charges, the official was quoted as saying.
STX Group is seeking to sell the entire 35 percent stake held by STX Group affiliates and executives, which has a market value of 361.5 billion Korean won ($333.29 million)as of Friday's closing price. The sale includes management rights.
Source: Reuters