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MBK in exclusive negotiations for ING unit buy - report.

M2 EQUITYBITES-August 5, 2013-MBK in exclusive negotiations for ING unit buy - report(C)2013 M2 COMMUNICATIONS

5 August 2013 - Buyout firm MBK Partners is exclusively negotiating the potential purchase of the South Korean insurance unit of Dutch company ING Groep NV (AMS:INGA) for KRW1.8trn (USD1.6bn/EUR1.2bn), local newspaper Chosun Ilbo said today, quoting industry sources.

Previously, insiders told Reuters that the particular business had attracted bids from Tong Yang Life Insurance Co Ltd (KRX:082640), Kyobo Life Insurance Co Ltd and Hanwha Life Insurance Co Ltd (KRX:088350) apart from MBK.

The news agency could not get a comment on the new information from representatives for MBK and ING.

ING wants to sell the Korean insurance subsidiary under an agreement with European regulators to shed over 50% of its activities in Asia by the end of the year.

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Publication:M2 EquityBites (EQB)
Date:Aug 5, 2013
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