A consortium involving private equity firm MBK Partners has emerged as the only bidder for a majority stake in Woori Finance Holdings, The Wall Street Journal reports. The outcome may force the government to cancel the sale of at least a 30% stake in the financial holding firm, valued at nearly $2.74 billion.
The 57% government holding is valued at $5.2 billion, adds Bloomberg. MBK bid jointly with Korean Federation of Community Credit Cooperatives for the stake. Goldman Sachs was also expected to invest in the MBK consortium. The sale process is being managed by JP Morgan Chase, Samsung Securities and Daewoo Securities.
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