Kumho Asiana wraps up bids for insurance unit

SEOUL, Dec. 14 (Yonhap) -- U.S. insurer Prudential Financial Inc. and several other prospective buyers have offered bids for a controlling stake in Kumho Life Insurance Co., the insurance unit of Kumho Asiana Group, industry sources said Sunday.

Faced with a cash crunch, Kumho Asiana, South Korea's No. 7 family-controlled
conglomerate, has been seeking to sell its 69.8 percent stake in the life
insurance affiliate.
According to the sources, seven or eight companies and private buyout funds,
including U.S. insurer MetLife, have submitted proposals for the insurance
company.
Sales manager JP Morgan is soon expected to review the bids and pick a preferred
bidder for Kumho Life Insurance, whose market value is estimated at 600 billion
won (US$436 million), they said.
Kumho Asiana Group is known to expect more than 1 trillion won for the insurance
unit.
A group official said Kumho Asiana plans to complete the selection of a prime
bidder by the end of December.