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[Alpha Biz=(Chicago) Reporter Kim Jisun] The sale of MG Damage Insurance has failed again.
According to the financial sector, one private equity fund (PEF) operator expressed its intention to take over in a preliminary bid to sell MG Insurance, which closed on the 5th. Under the National Contract Act, a single bid is deemed that no valid competition has been established. It's practically a failure in bidding.
The Korea Deposit Insurance Corporation, which operates MG Insurance, plans to consult with financial authorities to decide whether to resell it and how to proceed with it.
Woori Finance Co. and Kyobo Life Insurance Co. are said to have taken a negative attitude toward the acquisition in consideration of such judicial risks by MG Insurance Co. and backed out early.
The KDIC plans to analyze the results of the re-bidding with Samjeong KPMG and the Financial Services Commission, the organizers of the sale, and discuss future re-sale plans again.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
