ANZ, the listed Australian bank, would likely make a bid to buy the listed South Korean peer, Korea Exchange Bank, reported Money Today.
The report cited industry sources as saying that ANZ has joined the race lately and it will compete with the earlier sole contender, MBK Partners. MBK is a South Korean private equity fund.
The report speculated that the formal bidding due which was initially scheduled for 26 July may be extended due to the new bidder’s appearance.
The report noted it would take two weeks to one month for a bidder to conduct due diligence.
As earlier reported, Korea Exchange Bank, in which a Texas, Dallas-based fund Lone Star is seeking to sell a 51% stake, has a market cap of KRW 8tn (USD 6.7bn).
See here for all stories on the sale.
Source: Money Today (translated)
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