TAIPEI (Taiwan News) — Delpha Construction, a subsidiary of Taiwan’s largest property developer, Pj Asset Management, said Tuesday that it has acquired a significant stake in Bes Engineering, signaling the start of a corporate takeover battle.

Between April 8 and Tuesday, Delpha Construction purchased 181,316 lots, or 181.316 million shares, representing about 11.8% of Bes Engineering’s issued shares. The acquisition, funded with roughly NT$2.3 billion (US$74 million) in internal capital and NT$9.3 million in loans, confirms market speculation that Pj Asset was targeting the company, according to UDN.

Bes Engineering, whose parent company is Core Pacific, criticized the rapid share acquisition as a “vulture-style” approach and raised concerns over corporate governance. A spokesperson said the company is aware of the situation but has no immediate plans to respond, according to HouseFun.

Delpha Construction’s filing indicated that the stake purchase aims to participate in management, strengthen governance, and enhance operational stability. The company may continue increasing its holdings depending on market conditions.

Institutional investors noted that Pj Asset has a history of acquiring controlling stakes in publicly listed companies through multiple subsidiaries. By acting via Delpha Construction and affiliated entities, the group could substantially reshape Bes Engineering’s management structure, analysts said.