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Biz News Korea(Eng)
Candidates to bid for Woori Bank stake shortlisted to 16
- Collected
- 2016.09.29
- Distributed
- 2016.09.30
- Source
- Go Direct
According to the financial authority and investment banking industry Wednesday, JPMorgan Chase & Co., Samsung Securities Co. and Mirae Asset Daewoo Co. overseeing the fifth privatization scheme on Woori Bank filtered out 16 out of 18 bidders that handed in letters of intent (LoI) last week.
The candidates have been individually informed and invited to conduct due diligence to prepare for their formal bid. The organizers declined to name any of them, but according to sources, Hanwha Life Insurance Co., Korea Investment Holdings Co., Tongyang Life Insurance Co., and Kiwoom Securities Co. along with a number of financial investors Affinity Equity Partners, H&Q Asia Pacific Korea, Hahn & Co., and Vogo Fund have made the cut.
Two private equity funds (PEFs) including CVC Capital Partners were disqualified.
The preliminary bid that closed last Friday attracted 18 bidders with combined interest in 82 - 119 percent stake well exceeding the offering of 30 percent stake by the state-run Korea Deposit Insurance Corp. (KDIC) in splinters of from 4 percent to 8 percent. The government renewed privatization campaign on Woori Bank it created through mergers of a number of banks it bailed out after the 1997 financial crisis by offering its stake in pieces to multiple investors after four failures in lump-sum attempt.
The candidates must present formal bids on Nov. 11. As of 01:40 p.m. Woori Bank shares were down 100 won to 11,700 won ($10.7).
By Chung Seok-woo and Kim Hyo-hye
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