POSCO Considering GTT Bid

South Korean steelmaker POSCO is considering joining domestic shipbuilders to make a joint 1 billion euro ($1.3 billion) bid for French engineering firm GTT, the Korea Economic Daily reported, writes Reuters. GTT is owned by utility GDF Suez SA, oil company Total SA and U.S. private equity fund Hellman & Friedman.

Reuters – South Korean steelmaker POSCO is considering joining domestic shipbuilders to make a joint 1 billion euro ($1.3 billion) bid for French engineering firm GTT, the Korea Economic Daily reported.

POSCO has picked its own advisors to bid for GTT, which is owned by utility GDF Suez SA, oil company Total SA and U.S. private equity fund Hellman & Friedman, and is considering joining the auction as its customers are shipbuilders, the report quoted an unnamed senior POSCO official as saying.

POSCO was not immediately available to comment.

($1 = 0.7895 euros) (Reporting by Miyoung Kim; Editing by Chris Lewis)