CJ Group to Buy Korea Express Stake After Beating Posco-Samsung

CJ Group, owner of South Korea’s biggest foodmaker, was named preferred bidder for a $936 million controlling stake in the nation’s biggest logistics company, beating a rival Posco-Samsung Group offer.

Korea Express Co.’s two largest shareholders, Asiana Airlines Inc. and Daewoo Engineering & Construction Co., will next month sign a preliminary agreement to sell a stake of about 40 percent, sale arranger Korea Development Bank said in an e-mailed statement today. It didn’t say how much was bid.