Korea Development Bank (KDB) is expected to complete its acquisition of Daewoo Engineering and Construction (E&C) around November, reported the Edaily.
Daewoo E&C is the listed South Korean construction company, in which, KDB is in a process of acquiring a 50% stake, plus, one share, from Kumho Asiana and its financial investors.
The report cited an unspecified source from KDB as saying that the state-run bank has briefed the acquisition plan to a South Korean financial regulator.
According to the report, KDB is seeking to receive approval from the regulator to extend its maximum limit under which it is allowed to invest in financial firms, in order to proceed with the acquisition.
The source was cited as saying that KDB is expected to finish the deal around early November, if all the remaining procedure goes smoothly.
As reported earlier, the deal is reported to be valued at KRW 2.9tn (USD2.41bn).
Source: Edaily (translated)
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