Daewoo Logistics files for bankruptcy

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Seoul: South Korean transportation giant Daewoo Logistics is reported to have filed for bankruptcy. Analysts have attributed the move to increasing financial problems at the company following its failed attempt to become a wholly bought subsidiary of steel manufacturer POSCO.
According to news reports, South Korean shipping companies had threatened to boycott POSCO if it acquired Daewoo Logistics, as the merger would have given the steel producer a stronger bargaining position when negotiating its steel exports. Daewoo is said to have transported approximately 10% of POSCO volumes in the past.  [07/07/09]