Korea’s Woori sale fails yet again as no bidders materialize
The South Korean government’s latest attempt to exit its controlling stake in Woori Finance Holdings has failed after no one submitted a preliminary bid. The country’s financial regulator subsequently said “it would be difficult to mount another attempt to sell Woori in the near future,” which appears to rule out any chance that President Lee Myung-bak might resolve the issue before his term ends early next year.
Last week an assortment of potential buyers ruled themselves out, Reuters reported. KB Financial Group bowed out on Wednesday and Kyobo Life Insurance followed suit on Friday. The Korean Federation of...
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