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Announcement of preferred bidder for Hyundai Securities stake pushed back again


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Announcement of preferred bidder for Hyundai Securities stake pushed back again

The Korean unit of Ernst & Young again pushed back announcinga preferred bidder for a controlling stake in Seoul-based , aspokeswoman told S&P Global Market Intelligence.

The Ernst & Young unit is serving as the principaladviser for the auction of a 22.56% stake in Hyundai Securities.

Confirming local media reports, the spokeswoman said thefirm will now make an announcement April 1, instead of March 30 as earlier ."Delay of the schedule to April 1 is correct. We are not aware of thereasons [for the delay] and the detailed timeline of the event," she said.

Initially, the adviser was supposed to announce a preferredbidder for the stake in Hyundai Securities on March 28. However, theannouncement was pushed back to March 29 and then to March 30.

KoreaInvestment Holdings Co. Ltd., KB Financial Group Inc. and Hong Kong private equityfirm Aktis Hanxi Group are vying for the stake.

Meanwhile, NHInvestment & Securities Co. Ltd., a unit of , hasagreed to provide 200 billion won as acceptance financing to Aktis Hanxi Group.

NH Investment & Securities, however, denied speculationthat it will seek to acquire Hyundai Securities from Aktis Hanxi Group later ifAktis wins the bidding race, Newsis reported March 30, citing an official atNongHyup Financial.

"It is just acceptance financing, nothing more thanthat. We are still in the process of consolidation of legacy NH Investment & Securitiesand legacy Woori Investment & Securities," the official said to thenews outlet.

As of March 29, US$1was equivalent to 1,166.30 South Korean won.