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Biz News Korea(Eng)
Four bidders shortlisted for Hanwha General Chemical stake
- Collected
- 2018.02.22
- Distributed
- 2018.02.26
- Source
- Go Direct
The success of the bid will depend on the terms of conditions of shareholder agreements as it is an equity deal without management rights.
The bidders are Bain Capital Credit, Korea Investment Partners, IBK Securities PE-Stone Bridge Capital consortium and an unidentified Middle East sovereign fund.
Up for sale is a 24.1 percent stake that is still owned by Samsung C&T and Samsung SDI. The stake was left unsold in the course of Samsung’s big divestiture of chemical businesses to Hanwha in order to lessen the latter’s financial burden from acquisition. The stake value is estimated to exceed $1 billion.
Samsung Group and its deal adviser Citigroup Global Markets will review proposals from the bidders to select a preferred bidder, which will take a considerable time to complete.
Things to watch in the course will be a price and shareholder agreements. Bidders want to be guaranteed by the seller through the agreements for part of future business risk from changing economic cycles, according to the sources.
By Chun Kyung-woon and Minu Kim
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