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POSCO agrees to buy 10 pct stake in Macarthur Coal

Sun Jun 29, 2008 9:30pm EDT

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SEOUL, June 30 (Reuters) - South Korea's POSCO (005490.KS) said on Monday it had agreed to buy a 10 percent stake in coal mining firm Macarthur (MCC.AX) from the Australian group's shareholder Ken Talbot at A$20 a share.

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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. (Reporting by Miyoung Kim; Editing by Keiron Henderson)

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