US insurer Prudential has expressed interest in three financial affiliates of South Korea's Hyundai Group, the South Korean Financial Supervisory Service said yesterday.
US insurer Prudential has expressed interest in three financial affiliates of South Korea's Hyundai Group, the South Korean Financial Supervisory Service (FSS) said yesterday.
Prudential has submitted its letter of intent and was now reviewing the financial details of Hyundai Securities, Hyundai Investment Trust & Securities and Hyundai Investment Management, the financial watchdog said.
A spokesman at Prudential Life Insurance of Korea, a wholly owned unit of Prudential Insurance, also confirmed that the US company was bidding for Hyundai Group's three affiliates, but did not elaborate further.
The Korean government said earlier this month that two large US financial groups were interested in the Hyundai companies, but did not identify the companies.
Local media have speculated that the other company involved is Citigroup.
The government had been in talks with a consortium led by American International Group (AIG) and WL Ross to sell controlling stakes in the Hyundai companies for KRW1.1 trillion (£594.7m) since 2000.
But AIG ended the talks with the government earlier this month because the government would not accept its demand to guarantee compensation for possible hidden debt at troubled Hyundai Investment Trust & Securities.
After AIG walked away from the deal, WL Ross said it would still bid for the Hyundai companies and find a new co-investor, thought to be Citigroup.
