South Korea's Woori starts sale process for majority stake
South Korean officials have stated that the government will begin the sale of its 57% stake in Woori Financial Holdings, the nation’s third-largest financial services group, this week, as part of a planned privatization.
The value of the exit could be around $6 billion. If it goes through, the deal would be the biggest of the year in South Korea. Bidders for the Woori stake will be chosen by the end of this year, ideally resulting in a shortlist of four buyers, probably including Hana Financial Group, according to local reports. Temasek Holdings, the Singapore SWF that is Hana Financial’s largest shareholder, recently sold $607 million worth of shares, leading to concerns that Hana would have less chance to field a successful bid without Temasek's support. Meanwhile, Woori is reportedly looking for other bidders, potentially including buyout firms, to secure other options besides a Hana takeover.
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