J.C. Flowers in Talks Over Woori Stake

Buyout shop J.C. Flowers is in talks with South Korea’s TStone to jointly fund the Korean firm’s bid for 57% of Woori Finance Holdings, Reuters reported Wednesday. TStone was one of three local funds to bid for the government’s $6 billion stake in Woori.

(Reuters) – Banking and finance buyout firm J.C. Flowers is in talks with Korean private equity firm TStone to join the Korean fund’s bid for a 57 percent stake in Woori Finance Holdings, a source familiar with the situation said.

Three local private equity firms including TStone submitted initial proposals for the government’s $6 billion Woori stake sale and the preliminary bidding deadline has been set for August 17.

TStone chairman Min Euoo-sung declined to comment on the matter, citing confidentiality. (Reporting by Ju-min Park; Editing by Jonathan Hopfner)