South Korea's Financial Services Commission on Wednesday cleared MBK Partners' $1.75 billion acquisition of ING Groep's Korean insurer. MBK bought 8.2 million shares in ING Life Korea.
Korea, South
South Korean flag carrier Korean Air sells S-Oil stake, planes to raise KRW3.5 trillion
Korean Air, South Korea's flag carrier and largest airline, has put up for sale its shares in refiner S-Oil and 13 planes to raise KRW3.5 trillion. Proceeds from the deal will be used to pare its debt and provide aid to affiliate Hanjin Shipping Co.
South Korea's LIG Insurance picks Goldman Sachs to advise on stake sale
LIG Insurance Co. has put up for sale a controlling stake of 20.96% in the South Korean non-life insurer to compensate investors for losses sustained after buying debt issued by its affiliate. It has hired Goldman Sachs Group to advise on the sale.
Woori Investment & Securities Co sale may trigger mergers in local S.Korea securities firms- report
The impending sale of Woori Investment & Securities Co may spur consolidation in South Korea's local securities industry. Final bids for the brokerage unit are due today.
Samsung Electronics Co appoints Gregory Lee as President of North America Headquarters
Gregory Lee will be leading the North America Headquarters of Samsung Electronics Co. This will be in addition to his role as the President of Samsung Telecommunications America, the company said in a statement.
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Australia-based energy company Ambassador Oil and Gas Ltd has sold its 52.5% stake in South Australia's Cooper Basin, a potential gas field, to New Standard Energy Ltd for USD42.5 million.
Tyco International Inc's South Korean security systems unit ADT Caps is reportedly attracting bids from private equity firms including KKR & Co LP and Bain Capital.
Hong Kong-based private equity firm Gaw Capital Partners is set to purchase minority stakes in four commercial property acquisitions in the UK and the US, in a deal with a total value of USD1 billion.
The Financial Supervisory Service of South Korea told Bloomberg it plans to punish the local unit of Wall Street firm Goldman Sachs Group Inc for breaking rules on the sale of financial products.
Seoul-based entertainment agency Wellmade StartM acquired DreamT Entertainment for KRW1.1 billion (USD1.04 million), following a growing trend of mergers and acquisition in the entertainment industry.
Monday's announcement of executive promotions at Samsung Group stood out when the Group announced Samsung Chairman Lee Kun-hee's daughter, Seo-hyun, as a division president at holding company Samsung Everland Inc.
South Korea is exiting from the country's second-biggest non-performing loan manager Woori F&I Co. Ltd. At least three bidders including MBK Partners, KB Financial Group and Daishin Securities will place their final bids for the bad-loan unit.
Investors seemed not receptive to the Chinese government's announcement to resume the initial public offerings by the first month of next year.
Samsung C&T Corp. on Monday announced that it has been awarded with a KRW1.29 trillion (USD1.22 billion) order to build a power plant in the western Saudi coast. Rabigh 2 power plant is expected to yield 2060 megawatts of electricity.
