ID :
190605
Thu, 06/23/2011 - 10:12
Auther :
Shortlink :
https://oananews.org//node/190605
The shortlink copeid
Samsung SDS to bid for Korea Express with POSCO
(ATTN: ADDS comments from POSCO; UPDATE final share price)
By Lee Youkyung
SEOUL, June 23 (Yonhap) -- Samsung SDS Co., an information technology service unit of South Korea's largest industrial group, said Thursday that it will partner with steel giant POSCO to bid for a stake in Korea Express.
Samsung SDS will join the consortium of POSCO, the world's third-largest steelmaker, to buy a 5 percent stake in South Korea's leading logistics company, it said in a regulatory filing. The financial terms were not disclosed.
The company, a closely held unit of Samsung Group, said that the stake purchase is aimed at securing new business opportunities in IT services.
POSCO welcomed the participation from Samsung SDS, saying that it will help reduce the financial burden and boost its chances of winning the final bid.
Shares of Korea Express closed at 134,500 won on the Seoul bourse, spiking to the daily limit of 15 percent from the previous session.
Creditors led by Korea Development Bank (KDB) are seeking to unload a 37.6 percent stake in Korea Express held by two subsidiaries of Kumho Asiana Group, to complete the debt restructuring of the cash-strapped group.
Asiana Airlines Inc., Kumho Asiana's flagship unit and the country's No. 2 air carrier, holds a 18.98 percent stake in Korea Express with its affiliate Daewoo Engineering & Construction Co. controlling a 18.62 percent stake.
KDB, the main creditor of Kumho Asiana, plans to select a preferred bidder for Korea Express by June 30 and to wrap up the sale as early as late August, sources told Yonhap News earlier this week.
POSCO, CJ Group and Lotte Group expressed interest in the major stake, according to the sources. Bidding is open through June 27.
Creditors are also seeking to sell Kumho Terminal, a bus terminal operator of Kumho Asiana Group, and two other subsidiaries separately from the top logistics firm.
ylee@yna.co.kr
By Lee Youkyung
SEOUL, June 23 (Yonhap) -- Samsung SDS Co., an information technology service unit of South Korea's largest industrial group, said Thursday that it will partner with steel giant POSCO to bid for a stake in Korea Express.
Samsung SDS will join the consortium of POSCO, the world's third-largest steelmaker, to buy a 5 percent stake in South Korea's leading logistics company, it said in a regulatory filing. The financial terms were not disclosed.
The company, a closely held unit of Samsung Group, said that the stake purchase is aimed at securing new business opportunities in IT services.
POSCO welcomed the participation from Samsung SDS, saying that it will help reduce the financial burden and boost its chances of winning the final bid.
Shares of Korea Express closed at 134,500 won on the Seoul bourse, spiking to the daily limit of 15 percent from the previous session.
Creditors led by Korea Development Bank (KDB) are seeking to unload a 37.6 percent stake in Korea Express held by two subsidiaries of Kumho Asiana Group, to complete the debt restructuring of the cash-strapped group.
Asiana Airlines Inc., Kumho Asiana's flagship unit and the country's No. 2 air carrier, holds a 18.98 percent stake in Korea Express with its affiliate Daewoo Engineering & Construction Co. controlling a 18.62 percent stake.
KDB, the main creditor of Kumho Asiana, plans to select a preferred bidder for Korea Express by June 30 and to wrap up the sale as early as late August, sources told Yonhap News earlier this week.
POSCO, CJ Group and Lotte Group expressed interest in the major stake, according to the sources. Bidding is open through June 27.
Creditors are also seeking to sell Kumho Terminal, a bus terminal operator of Kumho Asiana Group, and two other subsidiaries separately from the top logistics firm.
ylee@yna.co.kr
