Printer Friendly

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 http://www.m2.com

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.

((Comments on this story may be sent to info@m2.com))

COPYRIGHT 2013 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2013 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:M2 EquityBites (EQB)
Date:Aug 5, 2013
Words:157
Previous Article:STMicroelectronics appoints Carlo Ferro as CFO with extended responsibilities.
Next Article:XenoPort Inc reports new inducement awards to two new employees.
Topics:

Terms of use | Privacy policy | Copyright © 2021 Farlex, Inc. | Feedback | For webmasters