Woori Bank

Woori Bank is currently raising a vehicle that could become Korea’s largest buyout fund, according to a report.

The Korean buyout firm has acquired a 30.7% stake in BC Card and is looking to acquire a controlling stake in the company by the end of the year.

The Korea Development Bank is reportedly close to setting up a W1trn corporate restructuring fund for ailing Korean companies. The bank is expected to enlist the help of private equity funds to raise capital.

The global infrastructure specialist and the South Korean bank will account for half of the fund's capital, which will be used to invest in South Korea’s infrastructure and renewable energy sectors.

Daewoo's creditors have opted to restructure the company rather than sell it. It marks the third failed attempt to sell the embattled electronics maker to a private equity group since Ripplewood first tried to buy the company in 2006. A deal with Morgan Stanley's Asian private equity arm fell apart last year.

Daewoo Electronics’s creditors, who control the company, chose the New York-based private equity firm as the winning bidder. Ripplewood’s bid marks the third time Daewoo’s creditors have initiated a sale.

The US firm has reportedly made its second bid in two years for the electronics maker, two months after Morgan Stanley's deal for the home appliance maker fell apart.

Morgan Stanley Private Equity Asia has pulled out of its proposed acquisition of the Korean electronics manufacturer, reportedly over disputes with an electronics labour union. Ripplewood had previously agreed to pay $740m for Daewoo, but the deal also fell through.

Nearly a year after Ripplewood’s $740 million deal for Daewoo fell apart, Morgan Stanley appears headed toward an agreement to buy the Korean electronics company.