Korean court says Woongjin will honor MBK’s Coway deal
A South Korean court overseeing bankruptcy proceedings of Woongjin Holdings has said that the company’s biggest shareholder will honor an agreement to sell a controlling stake in subsidiary Woongjin Coway to MBK Partners. The deal was put on hold last month after Woongjin applied for court receivership.
MBK agreed in August to pay KRW1.2 trillion ($1.1 billion) for a 31% stake in water purifier manufacturer Coway. The price of KRW50,000 per share represented a 33% premium to the previous close. Of the...
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