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Creditors to pick Korea Express bidder

Creditors of Korea Express Co. are expected to select a preferred bidder for a major stake in the country’s top logistics company next week as they move to complete the sale as early as August, industry sources said Wednesday.

Creditors led by Korea Development Bank agreed to close the bidding for a 37.6 percent stake in Korea Express on June 27 and notified the three preliminary bidders ― POSCO, CJ Group and Lotte Group, according to the sources.

The sources said creditors plan to select a preferred bidder within three days after the bidding closure in an effort to wrap up the sale as early as late August.

The move comes on the heels of an agreement between creditors and buyers to sell Kumho Terminal, a bus terminal operator affiliated with Korea Express, and two other subsidiaries separately from the top logistics firm. The sale schedule had been muddled due to differences over the issue.

Market watchers said all three prospective buyers are expected to take part in the final bidding. However, they added, Lotte’s participation is tentative as the retail giant is known to have wanted to buy the firms in a package to bolster its logistics segment. 

(Yonhap News)
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