Reuters reports that Shinhan has reportedly bid circa KRW68,000 per share for an 85% stake in LG Card, which is currently owned by its creditors following its near-collapse in the Korean credit bubble of the early part of the century.
However the scale of the bid from Shinhan has shocked analysts, as it would equate to a total payment of nearly $7.5 billion, thereby eclipsing Kookmin’s purchase of Korean Exchange Bank as one of the largest M&A deals in recent Korean history, Reuters’ report adds.
French bank BNP Paribas has a 9.5% stake in Shinhan.
