A total of 11 bidders, including a group led by Woori Finance Holdings, have expressed interest in up to 57 percent of South Korea’s top financial services firm, the government said on Friday.
The government closed the first round of bidding for its 57 percent stake worth about $6 billion, as it seeks to complete the privatisation of banks, which received billions of dollars of taxpayers’ money following the Asian financial crisis in the late 1990s.
A spokesman for state-owned Korea Deposit Insurance Corp, the top shareholder of Woori, said 11 bidders have submitted their letters of intent. The official declined to reveal names of individual bidders.
Woori, hoping to stand on its own feet and avoid being merged with a rival, publicly said earlier on Friday that its consortium led by employees had already submitted its letter of interest.
Source : Reuters
