CJ Group to acquire 40% stake in Korea Express

CJ Group stated they will acquire a 40% stake in Korea Express for KRW1.91 trillion (USD1.7 billion), marking a 3% discount to the initial takeover offer (Reuters, 18-Nov-2011). CJ Cheiljedang and CJ GLS unit stated they had also obtained the right to sell some of Korea Express' outstanding debt to major shareholders Daewoo Engineering & Construction and Asiana Airlines.