Business & Finance
POSCO, CJ, Lotte submit final bids for Korea Express
SEOUL : South Korean steelmaker POSCO , food to entertainment group CJ Group and retail-focused Lotte have submitted the
By
SEOUL: South Korean steelmaker POSCO , food to entertainment group CJ Group and retail-focused Lotte have submitted their final bids to buy a controlling stake in Korea Express , a source close to the matter said on Monday.
The deal for at least 37.6 percent stake worth around 1.1 trillion won ($1.0 billion) at the current market value in the country's top logistics firm pits the country's top business groups at each other.
POSCO, CJ Group and Lotte Group, which had submitted preliminary bids for the controlling stake in March, participated in the final auction that closed on Monday, the source who has direct knowledge of the deal said.
Copyright Reuters, 2011
More Stories
Comments
Comments are closed for this article.