September 26, 2012 / 8:10 AM / 5 years ago

CJ Korea Express drops pursuit of Phoenix International

SEOUL, Sept 26 (Reuters) - South Korea’s CJ Korea Express said on Wednesday it has decided not to pursue a bid for Phoenix International, after mulling a bid for the U.S. freight forwarder.

Privately-owned Phoenix International is exploring a sale that could fetch as much as $500 million from global logistics companies, several sources told Reuters previously.

CJ Korea Express, South Korea’s largest logistics firm, said in a regulatory filing it had decided to drop its pursuit of Phoenix due to differences in terms.

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