South Korea said it is putting its six trillion won ($5.3 billion) majority stake in the nation's biggest financial group up for sale, its third attempt to privatise Woori Finance Holdings.The Financial Services Commission (FSC) cited a better financial environment to attract bidders for its 57 percent stake after sale attempts in 2010 and 2011 failed for lack of interest.The government will issue the sale notice Monday and accept initial bids by July 27. It will choose a preferred bidder after accepting final bids later this year, the commission said in a statement.
There is a North Korean factory with no portraits of the country's late leaders on the walls, no North Korean flags, no hand-painted posters screaming party slogans. Everything from the tissues to the toilets comes from South Korea.
LONDON — Three big-name bidders for Rio Tinto’s majority stake in Canada’s largest iron ore producer are now out of the running, sources familiar with the talks said on Tuesday, after offers came in well below the mining group’s targets.
The sources said private equity firm Apollo, which had been working with Canadian pension fund CPPIB, rival Blackstone and commodity trader and miner Glencore were no longer in the race after a second round of bids last month.
By Emerging Money:Value investing has been around for almost eighty years, but it's a useful tool for even the newest emerging markets. Take Woori Finance (WF), a South Korean bank headquartered in Seoul, which is a case study in value investing. Wikipedia attributes value investing to the ideas of Ben Graham and David Dodd, two prominent economists of the 1920s.
SEOUL, South Korea – South Korea’s intelligence chief said Monday that Jang Song Thaek, the uncle of the North Korean leader Kim Jong Un who was executed this month, apparently had not plotted a coup as Pyongyang had said, but had fallen victim to intrigue within the country’s elite over lucrative business deals, according to lawmakers in Seoul.
SEOUL (Reuters) - South Korea's top regulator said Sunday it would receive preliminary bids for a 6 trillion won ($5.28 billion) controlling stake in Woori Finance Holdings by July 27, after two previous attempts to privatize the group floundered over a lack of bidding interest.