Jungheung Group, comprising of 62 construction companies, has successfully completed the purchase of Daewoo Engineering and Construction (Daewoo E&C). This means that they have become one of the top four builders in Korea, according to news reports. Jungheung was selected as the preferred bidder for the takeover by Daewoo E&C back in July 2021. A stock purchase agreement was signed to take over 50.75% of Daewoo E&C's shares on 9 December for 2.1 trillion won (US$ 1.8 billion), with the shares being held by Korea Development Bank. Initially, Jungheung offered just short of US$2 billion for the shares but this was subsequently lowered when it became known that their bid was US$ 400 million more than the second highest bidders.
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