CJ Group mulls bid for Korea Express

South Korean conglomerate CJ Group is considering bidding for a controlling stake in logistics company Korea Express, reported Dow Jones Newswires.


A CJ Group official, who declined to be identified, said the conglomerate may submit a bid but added that nothing has been decided yet.


About 40 percent of Korea Express, South Korea's largest logistics company by revenue, is expected to be put up for sale by shareholders Korea Development Bank and Asiana Airlines.


Asiana owns 23.95 percent of Korea Express, while KDB controls another 23.95 percent stake in the logistics company through Daewoo Engineering & Construction, which the bank recently took control.


South Korean steelmaker Posco and conglomerate Lotte Group have already expressed interest in the stake. Analysts say the Korea Express sale could fetch more than US$1.79 billion for Asiana and KDB.
(Source:http://www.cargonewsasia.com)