Daewoo Unloads $1.1B Stake In Korea Life Insurance Co.

Law360, New York (August 8, 2012, 6:10 PM EDT) -- Daewoo International Corp. voted Wednesday to sell its 24 percent stake in South Korea's unlisted Kyobo Life Insurance Co. Ltd. for 1.2 trillion Korean won ($1.07 billion) to a group of unnamed buyers rumored to be Asian private equity firms.

In what could be one of the biggest Asian private equity deals of 2012, Daewoo informed the Korea Exchange it would unload 4.9 million shares of Kyobo for a per-share price of 245,000 won.

The sale, which Seoul-based Daewoo said would help it pare down noncore...
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