TStone may not bid for Woori - report
Uncertainty surrounds South Korean private equity firm TStone's participation in the auction for Woori Finance Holdings after executives alluded that the firm may drop out of the first round of bidding, which is slated to start today.
Min Euoo-sung, chairman of TStone Partners, told Reuters that market conditions have prompted the fund to further reconsider the bid. "As stock prices recently tumbled, funding from domestic investors fell short of our expectations," he said, not confirming or denying that TStone would participate in the bidding.
Earlier reports suggested that J.C. Flowers might join TStone as an investor in Woori, but those reports have not been substantiated.
The news comes one week after Goldman Sachs was said to invest KRW600 billion ($555 million) in South Korea's MBK Partners to support its bid for Woori. Global reports have suggested the Canada Pension Plan Investment Board would also back MBK.
The Korean government is running the auction process to exit its 57% stake in Woori, which could be worth as much as $6 billion. Contenders are required to bid for at least 30% of the asset.
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