7-Mar-2011 9:40 AM

Korea Express bid deadline closes with three interested

Posco, CRJ Group and Lotte Group separately submitted letters of interest for Korea Express by the bid deadline of 04-Mar-2011 (Bloomberg, 04-Mar-2011). Asiana Airlines and Daewoo Engineering & Construction are reportedly planning to sell 40% in the company to raise up to KRW2 trillion (USD1.8 billion). The companies are reportedly seeking to sell shares in Korea Express for as much as KRW200,000 per share, representing a 81% increase from close on 04-Mar-2011. Asiana, which holds 24% of Korea Express, has stated it would consider a sale as part of the restructuring efforts of parent company Kumho Asiana Group.