Korea's powerful M&A

LNG power generator is bought by POSCO and Macquarie consortium for over $500 million.

The Korean Independent Energy Consortium KIEC has been sold by Korea's Hanwha and the US's El Paso in a simultaneous MA transaction - an event that is not seen very often in Asia.

The fact that both were selling their 50% stakes in KIEC led to some unique challenges. In the case of El Paso, the US firm was keen to sell off its Asian assets, which included generating capacity in Southeast Asia, and this made it less price sensitive to the sale price of the Korean stake if it could be sold as part of a block. Paradoxically, in the case of Hanwha Group, it had decided that...

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