South Korea’s planned sale of part of its stakes in the Industrial Bank of Korea fell apart recently, sources said Friday.
The government planned to sell about 23 million shares of its stake in IBK through a block deal on Thursday in after-hours trading, according to the sources. The deal was estimated at around 300 billion won ($290.3 million).
The government confirmed that the deal fell apart but did not elaborate on the reasons. A finance ministry official told Yonhap that it was natural that a deal fails when conditions are not met.
The official said negotiations were still ongoing to rearrange the sale.
Market sources speculated that a legal issue may be the major reason, saying allegations that the IBK had violated sanctions on Iran prompted a U.S. bank to withdraw from the selling process. The ministry denied the speculation. (Yonhap)
The government planned to sell about 23 million shares of its stake in IBK through a block deal on Thursday in after-hours trading, according to the sources. The deal was estimated at around 300 billion won ($290.3 million).
The government confirmed that the deal fell apart but did not elaborate on the reasons. A finance ministry official told Yonhap that it was natural that a deal fails when conditions are not met.
The official said negotiations were still ongoing to rearrange the sale.
Market sources speculated that a legal issue may be the major reason, saying allegations that the IBK had violated sanctions on Iran prompted a U.S. bank to withdraw from the selling process. The ministry denied the speculation. (Yonhap)
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