Ten buyers vying to buy GS discount stores

By Nam Kwang-sik
SEOUL, Dec. 10 (Yonhap) -- GS Holdings, a South Korean holding company, said
Wednesday that ten potential buyers have submitted bids for its discount and
department stores under its retail unit GS Retail.

Barclays Capital, appointed to lead the sale of its 14 discount stores and three
department stores, finished bids for them later in the day and plans to pick one
or two buyers as a prime bidder for them in early February, GS Holdings said.
GS Holdings confirmed that the ten buyers include top three local distributors --
Lotte Shopping Co., Sinshegae Co. and Hyundai Department Store Co. -- and No. 2
discount store operator Samsung Tesco Co.
Among the ten buyers, Samsung Tesco is reportedly interested only in buying the
discount store chain and not the department stores.
The deal for the acquisition of high-end and discount retail is estimated to
fetch between 1.2 trillion won (US$1 billion) and 1.4 trillion won.
ksnam@yna.co.kr
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