A consumers’ group in South Korea is urging the Financial Services Commission (FSC) to block private equity firms (PEFs) from acquiring Prudential Life Insurance Company of Korea.
In a report by the Korea Times, the Korea Finance Consumer Federation (KFCF) said that it joined up with four other consumers’ groups in petitioning the regulator to disallow MBK Partners, Hahn & Company, and IMM Private Equity from acquiring the insurer. The three PEFs are separately competing with KB Financial Group and Taiwan’s Fubon Financial Holdings to buy the local insurance arm of US-based Prudential Financial. The main bidding for the insurer has been set for March 19.
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