Samsung submits bid for Kepco land

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Samsung submits bid for Kepco land

Korea’s two biggest companies - Samsung Electronics and Hyundai Motor - submitted formal bids yesterday to buy the large swath of land in the affluent Gangnam District that was the headquarters of the Korea Electric Power Corporation (Kepco).

Samsung Electronics had not previously confirmed its intention to submit a bid for the property. The tech giant declined to elaborate on the matter yesterday.

“The key executive figures deliberate over and over again about the bidding in the last minutes,” said a source from Samsung Electronics’ future strategy office, requesting anonymity. The division plays a central role in making decisions.

Hyundai Motor formed a consortium that included Hyundai Mobis and Kia Motors in its bid. Industry insiders said that Hyundai’s decision to form a partnership was intended to raise enough funds and decentralize risk.

Kepco is selling the plot of land, which is 79,342 square meters (19.6 acres) and worth about 3.3 trillion won ($3.19 billion), because it is moving its headquarters.

Kepco will announce the winning bidder today at 10 a.m.

BY PARK EUN-JEE, KIM YOUNG-MIN [ejpark@joongang.co.kr]




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