kumhoasiana-leads-race-for-korea-express

Kumho-Asiana leads race for Korea Express

The Korean conglomerate wins a hotly contested auction to emerge as the preferred bidder for a controlling stake in the local logistics company.

By Rosie Slater

January 17, 2008

Kumho-Asiana Group was yesterday selected as the preferred bidder for a controlling stake in Korea Express, the country's largest logistics company. The consideration has not been disclosed but it is estimated that Kumho has valued the 60% stake at about W4 trillion $4.2 billion.

Kumho-Asiana, KoreaÆs seventh-largest conglomerate with assets of W22.8 trillion, out-bid a number of competing bidders for what is one of the most attractive assets to come up for sale in Korea. Hanjin Group, LS Cable, GS, Nonghyup, Hyundai Heavy Industries, and STX are all said to have been interested in the offering. The sale is for 24 million new shares in Korea Express, equivalent to 60% of its expanded...

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