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Preliminary bids for Korea Express stake due Monday
March 23, 2011 / 1:38 AM / 7 years ago

Preliminary bids for Korea Express stake due Monday

SEOUL, March 23 (Reuters) - A second round of bidding for a controlling stake in Korea Express Co Ltd (000120.KS) will close on March 28, said Korea Development Bank (KDB), one of the managers of the approximately $1.5 billion deal.

A senior KDB official with direct knowledge of the matter said on Wednesday the bank had revised the deadline for preliminary bids, initially March 25.

Potential bidders for control of the country’s top logistics firm include steelmaker POSCO (005490.KS), retail giant Lotte Group and food-to-entertainment CJ Group. [ID:nTOE723044]

A preferred bidder will be picked in mid-May and the sale will be completed by the end of June.

Reporting by Ju-min Park; Editing by Jonathan Hopfner

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