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Korea Express shareholders set March 4 deadline

Korea Express Co.’s controlling shareholders have set a March 4 deadline for initial bids as they sell about 40 percent of Korea’s biggest logistics company, according to a person familiar with the situation.

Arrangers Korea Development Bank and Nomura Holdings Inc. sent letters to about 10 domestic investors seeking bids, said the person, who asked not to be named because the information isn’t public. Daewoo Engineering & Construction Co. and Asiana Airlines Inc., which are selling the shares, aim to get binding bids in May before signing a deal by June, the person said.

Korea Express spokesman Han Jong-hee and Asiana spokesman Jason Kim declined to comment on the sale process by phone Monday. Daewoo Engineering declined to comment in an e-mail. The Korea Economic Daily reported the sale plan earlier Monday.

A 40 percent stake would be worth about $930 million based on Bloomberg data. Posco, Korea’s largest steelmaker, and Lotte Group, owner of the country’s biggest department-store chain, have both said they are interested in bidding for Korea Express shares.