Woori consortium submits LOI for $ 6 billion stake sale

SEOUL (BestGrowthStock) – A consortium led by Woori Finance Holdings Co Ltd (053000.KS: ) has submitted a letter of intent to buy the South Korean government’s $6 billion plus stake in Woori, the country’s biggest financial services firm by assets said.

The government is closing the first round of the auction on Friday to sell its 57 percent stake in Woori in order to claw back public funds it poured into the company in the wake of Asian financial crisis in the late 1990s.

Woori, seeking to stand on its own feet and avoid being merged with a rival, has formed a consortium comprised of employees, telecommunications operator KT Corp (030200.KS: ), steelmaker POSCO (005490.KS: ) and the National Pension Service, a source told Reuters earlier.

(Reporting by Miyoung Kim and Ju-min Park; Editing by Chris Lewiws)

Woori consortium submits LOI for $ 6 billion stake sale