CJ Korea Express drops pursuit of Phoenix International
SEOUL, Sept 26
SEOUL, Sept 26 (Reuters) - South Korea's CJ Korea Express said on Wednesday it has decided not to pursue a bid for Phoenix International, after mulling a bid for the U.S. freight forwarder.
Privately-owned Phoenix International is exploring a sale that could fetch as much as $500 million from global logistics companies, several sources told Reuters previously.
CJ Korea Express, South Korea's largest logistics firm, said in a regulatory filing it had decided to drop its pursuit of Phoenix due to differences in terms.
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