Kumho Asiana Group Named ‘Preferred Bidder’ For Daewoo Stake - Tire Review Magazine

Kumho Asiana Group Named ‘Preferred Bidder’ For Daewoo Stake

(Akron/Tire Review) Kumho Asiana Group has been selected as the preferred bidder to buy a controlling stake in Daewoo Engineering & Construction Co Ltd., according to an AFX news report.

Citing Kim Dae-Jin, executive director of the Korea Asset Management Corp (KAMCO), AFX reported that Kumho received the highest points in the creditors’ evaluation.

KAMCO will sign a memorandum of understanding with Kumho and finalize the deal by the end of September after conducting due diligence.

The size of the stake sale and the offer price proposed by Kumho were not disclosed.

However, local news reports stated that Kumho submitted the highest bid of 6.6 trillion won for a 72.1% stake.

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