Jungheung Construction Selected as Preferred Negotiation Partner for Acquisition of Daewoo Construction (Update 2)
Jungheung Construction was selected as the preferred bidder for the sale of Daewoo Construction on the 5th.
KDB Investment (KDBI), the largest shareholder of Daewoo Construction, held an online press conference on the same day and announced, "KDBI and the sales advisory firm have selected the Jungheung consortium as the preferred bidder for the Daewoo Construction M&A, and the Skylake consortium as the secondary bidder."
Lee Dae-hyun, CEO of KDBI, stated, "The selection of the preferred and secondary bidders was made after comprehensively considering the sale price, speed and certainty of the transaction, and Daewoo Construction's growth and stable management."
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Jungheung Construction seized the opportunity to acquire Daewoo Construction, surpassing the competing Skylake-DS Networks consortium.
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