Employee Stock Ownership Association and KTB Asset Management also discussed the possibility of acquisition.
[아시아경제 김진호 기자] In the main bid for the sale of the remaining stake in Woori Financial Group, Eugene Private Equity (PE) and Dunamu posted the highest prices and emerged as potential takeover candidates.
According to the financial industry on the 21st, the Public Fund Management Committee under the Financial Services Commission (the Public Self-Defense Committee) will announce the results of the ‘main bidding on the sale of the remaining stake in Woori Financial Group’ on the afternoon of the 22nd.
A total of nine investors participated in the main bid for the sale of the remaining stake in Woori Financial Group. According to the market, Hoban Construction, Harim, Korea Investment Holdings, Dunamu, Eugene PE, Woori Employee Stock Ownership Association, and ST International have submitted bid proposals.
A total of seven investors made bids that exceeded the pre-determined price of the Confucius Institute. As a result of the bidding proposal, it was counted as 1.73 times the maximum sale volume (10%). This means that the takeover battle was actually a success.
In particular, Eugene PE and Dunamu, which wrote the highest price, are mentioned as potential acquisition candidates. In particular, Eugene PE is said to have secured a 4% or more stake to secure the right to recommend outside directors. In addition, Woori Financial Group, Woori Employee Stock Ownership Association, KTB Asset Management, and Align Partners are also said to be highly likely to acquire shares.
The sale of the remaining stake in Woori Financial Holdings is a follow-up measure by the Public Fund Management Committee under the Financial Services Commission according to the ‘Roadmap for the sale of remaining shares in Woori Financial Group’ announced in 2019. 10% of Forecast’s stake (15.13%) will be sold through competitive bidding, and the minimum bid amount is 1%.
The fact that many companies have shown interest in the sale of the remaining stake in Woori Financial Group is analyzed to be a result of the market paying attention to the ‘outside director recommendation right’ provided as an incentive. This is because the right to recommend an outside director of Woori Financial Group is granted to investors who have newly acquired a 4% or more stake. An official from the financial industry said, “In the case of Woori Financial Group, compared to other financial holding companies, it is known to have considerable merits because it has fewer outside directors.
The fact that the financial industry, which has been hit directly by the COVID-19 pandemic, has great growth potential and that Woori Financial will record the best performance this year and continue to increase dividends in the future, is also analyzed to have worked as an attraction for investors.
The self-defense committee plans to hold a meeting tomorrow morning to confirm the final takeover. An official from the Financial Services Commission said, “Nothing has been finalized until a meeting is held to select a successful bidder for Woori Financial Group.”
The Confucius Institute is planning to decide on the final acquisition by partially reflecting non-price factors in addition to price factors. In particular, the proportion of reflection of non-price factors is evaluated according to the objective standards and procedures set by the Confucius Institute. It is known that the decision will be made in consideration of the three principles of privatization in accordance with the Financial Holding Company Act: maximizing the recovery of public funds, rapid privatization, and the desirable development direction of the domestic financial industry.
By Kim Jin-ho, staff reporter rplkim@asiae.co.kr
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