Korea Express shareholders OK takeover of Kumho Rent-a-car

SEOUL, Dec. 12 (Yonhap) -- The shareholders of Korea Express Co. approved Friday
a company plan to take over Kumho Rent-a-car Co. for 307.3 billion won (US$224.3
million).

The acquisition will take place on Saturday, said Korea Express, the logistics
unit of South Korea's eighth largest conglomerate Kumho Asian Group.
On Oct. 30, the board of Korea Express decided to acquire Kumho Rent-a-car, the
group's car rental unit to create synergy.
Kumho Asiana Group bought Korea Express, which has a car rental division, for 4.1
trillion won in March.
Kumho Rent-a-car dominated the domestic car rental market with a 20.2 percent
share as of August.
ksnam@yna.co.kr
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