S.Korea's Woongjin soars; seeks to take over Cowa

Woongjin Co

29/08/2018 03:20

** Woongjin  016880.KS  gains more than 20 pct on media
reports that co is seeking to take over Coway  021240.KS , the
country's top water purification maker
    ** Woongjin's public relations official Yoon Chul-joong
confirms the report, says co is preparing to take back Coway
shares, in cooperation with a local private equity firm Stic
Investment
    ** In 2013, MBK Partners acquired stakes of Coway from
Woongjin 
    ** Actual negotiation with MBK Partners, a private equity
firm which holds 27.1 pct in Coway, has not kicked off, the
official says; MBK Partners says in a press release it is not
considering selling stake to Woongjin 
    ** The broader KOSPI market  .KS11  was trading up 0.13 pct
as of 0200 GMT

 ((hayoung.choi.thomsonreuters.com@reuters.net))