kumho-wins-with-towering-bid-for-daewoo-construction

Kumho wins with towering bid for Daewoo Construction

The deal is the second biggest in Korean M&A history, and catapults Kumho Asiana past Hyundai Construction to become the nation's top builder.

Steven Irvine

June 23, 2006

In KoreaÆs second largest MA deal ever, it was yesterday announced that Kumho Asiana Group won the bid for control of Daewoo Engineering Construction. The Korean conglomerate was selected as preferred bidder in an auction which will see Kamco and eight other creditors sell their 72.1% stake in KoreaÆs second largest construction firm.

The price paid by Kumho has not been disclosed, but as is customary in Korea there have been some fairly well-informed leaks in the local media. Kumho is reckoned to have won the bid with a W6.6 trillion $7 billion offer. This beat out a rumoured W6.4 trillion bid from the Doosan Group.

Most MA practitioners had expected Doosan to...

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