POSCO agrees to buy 10% stake in Macarthur Coal

SEOUL: South Korea's POSCO said on Monday it had agreed to buy a 10 percent stake in coal mining firm Macarthur from the Australian group's shareholder Ken Talbot at A$20 a share.

POSCO said the deal was conditional upon an approval from its board meeting scheduled next month. Macarthur shares, which closed at A$18 on Friday, were trading 7.8 percent higher at A$19.40 at 0129 GMT.