Final bids for Korea Express postponed to June

Main shareholders of Korea Express have postponed the US$1.4 billion final auction to June after having reached an agreement to sell three wholly-owned units of the country's top logistics company to Kumho Asiana Group separately from the logistics firm, a person familiar with the matter said.


"Three business units of Korea Express will be sold in a packaged deal to Kumho Asiana," the person told Dow Jones Newswires.


"The preferred bidder for (a controlling 37.6 percent stake in) Korea Express is expected to be selected in July," said the person, who declined to be named.


The three units are Kumho Terminal, Asiana Airport Development and AAS Airport Service, which were once controlled by Kumho Asiana Group, he said.


The deadline for the final bid was originally set for May 13 and the selection of the preferred bidder had been scheduled for May 16.
(Source:http://www.cargonewsasia.com)