- THE MAGAZINE
CJ Korea Express, the country's biggest logistics firm, may bid for privately-owned U.S. freight forwarder Phoenix International, a Seoul-based spokesman said.
The South Korean firm is considering placing a bid, said Han Jong-hee, a spokesman for CJ Korea Express. He declined to say if CJ had begun due diligence or chosen an adviser for the possible bid.
Phoenix International is exploring a sale that could fetch as much as $500 million from global logistics companies, according to several sources.
CJ Korea Express is conducting due diligence to acquire Phoenix International, local daily Maeil Business Newspaper reported on Tuesday, citing unidentified sources in the investment banking industry.
Since being acquired by the food and entertainment conglomerate CJ Group last year, CJ Korea Express has been making efforts to expand its business portfolio to include overseas shipping.