ANZ, the listed Australian bank, and MBK, the South Korean private equity fund, are unlikely to have submitted bids for Korea Exchange Bank (KEB) by the 26 July deadline, reported the Edaily.
Korea Exchange Bank, in which, Texas, Dallas-based Lone Star is seeking to sell a 51% stake, has a market capitalisation of KRW 8tn (USD 6.77bn).
Australian media reports have suggested ANZ may be poised to make a last minute bid, as other potential acquirers may leave its path clear by bidding for Woori Finance Group instead. Although it has been reported that the Australasian bank’s interest in Korea is not a key part of its Asian strategy.
The South Korean government will announce a plan for privatizing Woori Finance on July 30
A related Bloomberg report stated that Lone Star will consider extending the deadline.
The article, citing unnamed insiders, added that ANZ and MBK are still trying to value Korea Exchange and are concerned about making binding bids amid intense competition in the Korean banking industry and other potential takeover targets, including Woori Finance Holdings Co.
Sources: Edaily (translated), Bloomberg
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