News Business16 May 2005

South Korea:Mirae Asset Buys SK Life

16 May 2005

South Korean investment company Mirae Asset Group will sign a contract to buy 97.37% of SK Life Insurance Co for a total of 160 billion won (US$160 million). This is lower than an earlier offer of 200 billion won from MetLife Inc but which subsequently withdrew the offer. It is said that Mirae Asset Group succeeded in its deal because it has promised not to restructure the insurer before the acquisition.

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