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Korea M&A Corporation
Jungheung signs on for Daewoo E&C takeover
A South Korean investor consortium led by Gwangju-based construction conglomerate Jungheung Group has signed a memorandum of understanding to initiate talks surrounding the acquisition of a 50.75 percent stake in Daewoo Engineering & Construction, a filing showed Monday. Following the nonbinding agreement, the investor group -- comprising Jungheung Group and investment bank Mirae Asset Securitie..
SEOUL (AFX) - Kumho Asiana Group has been selected as the preferred bidder to buy a controlling stake in Daewoo Engineering & Construction Co Ltd, key creditors led by the Korea Asset Management Corp (KAMCO) said. Prime Group has been named as the reserve bidder, KAMCO said. Three other firms - Eugene Group, Doosan Corp and Samwhan Corp - had also submitted bids.