South Korea May Suspend $6B Auction for Woori Finance

With two potential bidders pulling out this week, South Korea may put the breaks on the sale of the government’s 57% stake in Woori Finance Holdings, Reuters reported. The government will decide soon whether to suspend the $6 billion sale, Reuters said. Two groups, formed by Woori employees and customers, decided this week to pull out of the sale. South Korea received 11 bids in the first round of the auction, though most bidders wanted only minority stakes in Woori. Among the 11 bidders were the Carlyle Group, Macquarie Group, MetLife, and local private funds Vogo and MBK Partners, Reuters reported.

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