South Korea’s Dongwon Systems says may buy bottle maker from MBK Partners-Reuters

(Reuters) – South Korea’s Dongwon Systems Corp is considering buying compatriot bottle maker Techpack Solutions Co Ltd in its entirety from Asia-Pacific private equity fund MBK Partners, the food can maker said in a regulatory filing on Monday.

Dongwon Systems could pay around 500 billion won ($485.34 million) for Techpack, which also makes drinks cans, local mergers-and-acquisitions publication Market Insight reported earlier in the day, citing an unnamed person or persons in the investment banking industry.

MBK hired Bank of America Merrill Lynch last year to sell its 100 percent stake for up to 600 billion won, a person with knowledge of the matter previously told Reuters.

Dongwon Systems declined to elaborate on the amount when contacted by Reuters on Monday. MBK and Techpack declined to comment.

Dongwon Systems is part of Dongwon Group and makes cans for tuna caught by the group’s deep-sea fishing flagship company Dongwon Industries. Its products also include cooking foil as well as aluminium coating for components in goods ranging for air conditioners to cars.