Prudential to pick main bidder for two Korean units soon

SEOUL, Jan. 27 (Yonhap) -- U.S.-based Prudential Financial Inc. will pick a prime
bidder for its two local units late this month after accepting final bids for
stakes in them from prospective buyers, fianancial sources said Wednesday.
The final bids for stakes in Prudential Investment & Securities Co. and
Prudential Asset Management Co. will be finished later in the day, the sources
said.
Two main bidders -- Hanwha Securities Co. and Australian-based Macquarie Group --
are vying for the acquisition of Prudential's two subsidiaries, the sources said.

The deal for the takeover of Prudential Investment & Securities is estimated to
be worth between 500 billion won (US$430 million) to 800 billion, the sources
said.
However, KB Financial Group Inc., which was widely forecast to place a
overwhelming bid, withdrew its interest owing to price differences, they said.
The U.S. firm unveiled on Oct. 5 its plan to unload the local operations and its
original plan to select the priority bidder misfired in December as the company
tried to earn more time to increase bidding.
pbr@yna.co.kr
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