Korea Express subject of Kumho-Asiana bid
The Kumho-Asiana Group, owner of South Korea's largest builder and second-biggest airline, has bid more than $4.3 billion for control of the Korea Express Co., according to a Bloomberg report over the weekend.
Kumho is seeking the acquisition to add cargo delivery and warehousing services to its roster of business.
“The bidding group comprises about 10 companies, not all of which are controlled by Kumho-Asiana, and is the leading bidder, according to a spokesman for the Seoul Central District Court, where Korea Express has been in receivership since 2001,” the report said. “Korea Express, based in Seoul, fell under court control after failing to pay debts inherited from its parent, the Dongah Construction Industrial Co. It runs warehouses and container ports, as well as handling international door-to-door deliveries.”
