June 21, 2010 / 8:09 AM / in 10 years

POSCO says talks over Thainox temporarily halted

SEOUL, June 21 (Reuters) - South Korea’s POSCO (005490.KS), the world’s No.4 steelmaker, said on Monday that its talks to acquire Thainox Stainless Pcl (INOX.BK) are temporarily on hold, with no decisions made.

The halt resulted from unstable political situation in Thailand, POSCO said in a filing to the stock exchange, adding that it would report again to the exchange if a concrete decision was made.

The Thai government last month cracked down on a months-long, anti-government protest by disgruntled supporters of fugitive former Prime Minister Thaksin Shinawatra. [ID:nSGE65K02B]

A senior vice-president in charge of stainless steel at POSCO said in March that the company’s talks to acquire Southeast Asia’s largest stainless steel producer were in an “unfavourable” condition. [ID:nTOE6290AH] (Reporting by Cho Mee-young; Editing by Chris Lewis)

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