Seoul: The race to take over Korea Express, Korea's largest package delivery company, will be crowded with bidders vying to grab the $1.6 billion logistics giant. A total of 10 companies have made bids.
The 10 are CJ, GS, STX, Korea National Agricultural Cooperative, Hyundai Heavy Industries, LS Cable, Hyosung, Seoul Asset Management, Kumho Asiana Group and Hanjin Group. Hyundai Heavy Industries, a Hyundai Group subsidiary and the world's largest builder of ships, is considered to have the best financing for the bid as it has secured more than 5 trillion won ($5.4 billion) internally.
The rest of the bidders may have to join forces with other investors to finance the deal, which is expected to cost well over 2 trillion won ($2.2 billion). [14/12/07]
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