ID :
19939
Wed, 09/17/2008 - 11:08
Auther :
Shortlink :
http://m.oananews.org//node/19939
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Hanjin Corp. to acquire Shinsegae's parcel-delivery unit
SEOUL, Sept. 17 (Yonhap) -- Hanjin Corp., the logistics unit of Hanjin Group, was set to purchase the parcel-delivery unit of Shinsegae for 30 billion won (US$26.7 million), a source close to the deal said Wednesday.
Hanjin will sign a formal contract to buy Shinsegae Dream Express later in the day, the source said.
The deal, if consummated, is expected to give Hanjin an edge over its two larger
rivals, Korea Express Co. and Hyundai Logistics Co., some analysts say.
Hanjin Group is one of the nation's largest family-run business conglomerates,
with Korean Air Lines Co. under its wing. Shinsegae is the nation's biggest
retail conglomerate.
Last year, Shinsegae Dream Express posted a net loss of 3.3 billion won on sales
of 96.7 billion won.
(END)
Hanjin will sign a formal contract to buy Shinsegae Dream Express later in the day, the source said.
The deal, if consummated, is expected to give Hanjin an edge over its two larger
rivals, Korea Express Co. and Hyundai Logistics Co., some analysts say.
Hanjin Group is one of the nation's largest family-run business conglomerates,
with Korean Air Lines Co. under its wing. Shinsegae is the nation's biggest
retail conglomerate.
Last year, Shinsegae Dream Express posted a net loss of 3.3 billion won on sales
of 96.7 billion won.
(END)
