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Vogo, MBK consider Woori bids - report

  • Anita Davis
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South Korea-based Vogo Fund and MBK Partners may re-enter the fray to purchase the government’s 57% stake in Woori Finance Holdings, local media reports. This comes as authorities look to restart the up-to $6 billion bidding process for the country’s third-largest financial services group.

According to Reuters, citing the Maeil Business Newspaper, both Vogo and MBK announced their interest in participating in the auction last year when the Woori stake first went on to block. That initial auction process stalled in December due to a lack of competitive interest.

The auction was relaunched in May and the deadline for submitting letters of intent to buy at least 30% of Woori is June 29. This time around, Vogo is said to be open to partnering with other funds to foot the multi-billion-dollar bill.

If the 57% stake sells for $6 billion, it would be South Korea's largest privatization to date. By the fourth quarter of 2010, 11 bidders were thought to be vying for the stake, including The Carlyle Group, Macquaire, MetLife, Vogo, KT telecom - the largest telecoms group in South Korea - and Posco, the largest local steel company. A group led by Woori employees has also expressed an interest.

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