Tuesday’s announcement that Hyundai Development Company is the preferred bidder for a controlling stake in South Korea’s Asiana Airlines brings one of the country’s most talked-about recent acquisitions closer to completion.
Hyundai leads a consortium, alongside brokerage Mirae Asset Daewoo, which offered KRW2.5 trillion ($2.15 billion) for a combination of the 31.05% stake held by top shareholder Kumho Industrial, plus new shares to be issued by Asiana.
They beat a rival bid from a group led by Aekyung, which owns budget airline Jeju Air, which is reported to have bid KRW2 trillion, though Euromoney has not been able to confirm this.
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