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Telecommunications & Media

Shinsegae joins CJ, Dowkium consortium to buy JoongAng Ilbo

Shinsegae will participate with CJ Group in the acquisition of JoongAng Ilbo after the Dowkium-CJ consortium was named preferred bidder, industry sources said on Monday. Shinsegae is expected to take a minority stake and become the third-largest shareholder after the deal, they said. The purchase price is put at about 500 billion won, to be financed through a third-party allotted capital increase to support debt repayment and improve finances.

Telecommunications & Media

CJ Group mulls joining JoongAng Ilbo bid in consortium with Dow Kiwoom

CJ Group may seek to acquire management control of JoongAng Ilbo in a consortium with Dow Kiwoom Group, according to the investment banking industry. CJ did not submit a letter of intent in the preliminary bid, but it is discussing a joint move ahead of the final bid due Oct. 19. JoongAng Ilbo is being sold under Hana Bank’s supervision, with limits on late bidders. The sale is via a third-party allotment capital increase.

Mobility

Mercedes to fit Waabi AI driving system within two years

Mercedes has signed a production agreement with British autonomous driving startup Waabi and plans to install Waabi\'s artificial intelligence driving system in its vehicles within two years. It is the first time Waabi\'s end-to-end driving AI will be applied to mass-produced premium passenger cars. The system will be integrated with Mercedes hardware, MB.OS and map interfaces, and offered as an advanced driver assistance feature for city streets and highways. Details were not disclosed.