SEOUL, Nov. 16 (UPI) — Creditors in South Korea said conglomerate Hyundai Group offered the winning bid to buy 34.9 percent of the country’s largest construction firm.

The only other bid for the stake in Hyundai Engineering & Construction Co. was submitted by Hyundai Motor Group, the Yonhap news agency reported Tuesday.

An official from the Korean Exchange Bank told reporters, “Creditors picked the Hyundai Group consortium as the final priority bidder in a fair and transparent manner.”

Creditors, including KEB, Korean Finance Corp. and Woori Bank took possession of the shares in the construction firm in a 2001 debt-for-equity deal when the construction company was floundering.

The winning bid was worth $4.8 billion, Yonhap said.

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