CJ to vie with POSCO for Korea Express

By Kang Seung-woo

CJ Group, along with POSCO, submitted a final bid to buy a 37.6 percent stake in Korea Express Monday despite speculation that it may quit on the deal.

However, Lotte Group, which also offered a letter of intent to take over the nation’s largest logistics firm in March, pulled out of the bidding at the last minute.

Creditors led by the Korea Development Bank (KDB) intend to name the preferred bidder within three days, which puts the sale on track for completion in late August or early September.

Until Monday morning, CJ, a food and entertainment conglomerate, had not decided on whether to participate after its