Top logistics firm CJ Korea Express merging with affiliateCJ Korea Express, Korea’s largest logistics firm, said yesterday it has decided to merge with its affiliate and No. 2 local logistics company CJ GLS in order to improve its competitive edge in local and overseas markets.
The decision is subject to approval from shareholders who are scheduled to meet on Feb. 28, CJ Korea Express said in a regulatory filing. If approved, the merged entity will be launched on April 1.
The merger will be carried out by a share swap between the two logistics companies of the country’s food and entertainment conglomerate CJ Group at a ratio of 1 to 0.3337633, CJ Korea Express said in a regulatory filing.
More in Industry
GM Korea reaches tentative wage deal with union
Bolt EVs in Korea being recalled after fires
As profits boom, big Korean companies reduce head counts
Hyundai Heavy confirms bid to buy stake in Doosan Infracore
It's a wrap