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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..
When Park Hyeon-joo, chairman of Mirae Asset Financial Group, introduced South Korea's first retail mutual fund in December 1998, the country was mired in the Asian financial crisis. Only a year had passed since the government had agreed to bring strict discipline to its financial sector and rein in profligate industrial conglomerates, in return for a multibillion-dollar bailout from the Interna..