South Korean conglomerate CJ Group has dropped its bid to buy the country’s top water purifier maker Coway, a decision that could protract the takeover deal that is expected to be worth more than 2 trillion won ($1.7 billion), sources said Tuesday. “CJ Group submitted a preliminary bid, but did not participate in the final bid,” the company said in a regulatory filing. Seoul-based private equity firm MBK Partners, which holds a 30.9 percent stake in Coway, opened the final bid responses Monday o

The main bidding for Coway Co., South Korea's top water purification maker, will be held early next week as scheduled, a market source said Monday, dismissing prospects that it could be delayed due to insufficient market interest.  A consortium led by CJ Group and China's Haier has been cited as a highly potential player in the bid for Coway with an identified China-based strategic investor later taking part. The exact number of companies who joined after the preliminary bidding process has not

At times of economic recession, customers tend to close their wallets and businesses tend to try to reduce commercial costs, as the effects of commercial are not as immediate, especially considering the cost of creating them.　However, companies should be aware that commercials open customers’ hearts, and eventually their wallets.　During an economic downturn, customers are conflicted as the urge to spend and the urge for restraint clash with each other. In this case, companies should solve such i

CJ Group is reviewing plans to acquire a majority stake in Coway, South Korea’s leading water purifier-maker, joining a slew of potential foreign investors who have expressed interest in the takeover bid valued at around 3 trillion won ($2.6 billion), according to industry sources Monday.CJ is set to join the preliminary bidding Thursday to purchase Seoul-based private equity fund MBK Partners’ 30.9 percent stake in Coway, having chosen Deutsche Securities to guide its efforts, investment bankin

SK Networks has denied reports that it will bid to buy Korean water and air purifier-maker Coway, a deal valued at about 3 trillion won ($2.5 billion).“We have received a teaser letter sent en bloc by Coway’s biggest shareholder MBK Partners to potential buyers. But we have no plan to join the bid,” SK Networks said Wednesday.MBK Partners, the largest shareholder of Coway with a 30.9 percent stake, in August hired U.S. investment bank Goldman Sachs to broker the sale.As to separate speculation t

Dutch electronics giant Philips has expressed interest in taking over a stake in Coway Co., South Korea's top water purification maker which has been put on the selling block, industry sources said Thursday.Last month, Seoul-based private equity fund MBK Partners Ltd.picked Goldman Sachs as a lead manager of the sale of its stake in Coway, estimated at 3 trillion won ($ 2.52 billion).MBK Partners acquired a 30.9 percent stake in Woongjin Coway Co. in 2013 from the then cash-strapped Woongjin Gro

The brand competitiveness of Koreans goods and services continued to improve in 2015 from a year ago, the state-run Korea Productivity Center said in a press release Monday. The National Brand Competitiveness Index, a key indicator for the brand power of Korean goods and services, stood at 72.3 points, up from 70.3 points last year. “Competitiveness of Koreans brands has continued to improve, proven by the fact that the index has shown a significant rise in 2015 from 2004, the year the survey wa

Korean private-equity firm MBK Partners plans to sell off its controlling stake in Korean water and air-purifier-maker Coway, which is valued at around 3 trillion won ($2.5 billion), industry sources said Sunday. MBK Partners, the biggest shareholder of Coway with a 30.9 percent stake, hired U.S. investment bank Goldman Sachs to broker the sale. “MBK is considering the sale process and other measures as many potential buyers lined up for the acquisition and it’s been nearly three years since the

Dividend payments to shareholders by South Korean companies decreased, despite the government’s persistent efforts to increase benefits for investors.The total amount of dividend of listed companies in the first half of this year was 455 billion won ($448 million), down 15.4 percent a year earlier, according to the Corporate Governance Service.The corresponding figure includes not only quarterly dividends but also interim dividends, which were paid out in July, after the corporates’ half-year se

The chief of Woongjin Group, a troubled mid-size conglomerate, has been charged with fraudulently issuing commercial paper worth around 119.8 billion won ($107 million) to avoid bankruptcy, prosecutors said Wednesday.Yoon Seok-keum, the group‘s founder and chairman, allegedly orchestrated the commercial paper issuance worth 100 billion won under the name of the group’s parent company from July to August of last year even with prior knowledge that the group had lost its ability to pay back its de

Prosecutors on Friday raided the headquarters and offices of Woongjin Group as part of their investigation into allegations that several executives of the troubled mid-size conglomerate fraudulently issued commercial papers (CPs).The probe comes after the nation's securities regulator had reported the group's chairman Yoon Seok-keum, and four other executives to the Seoul Central Prosecutors' Office for alleged unfair trading in early May.A team of investigators and prosecutors seized relevant d

Prosecutors have launched an investigation into accusations that the head of Woongjin Group, a troubled mid-size conglomerate, fraudulently issued commercial papers, officials said Friday.The probe comes as the nation’s securities regulator reported Yoon Seok-keum and four other executives of the conglomerate to the Seoul prosecution for alleged unfair trading last month.Officials of the regulator have recently been summoned for questioning, prosecutors said, adding that they will soon call in W

The nation’s securities regulator said Wednesday that it had filed a complaint against Woongjin Group chairman Yoon Seok-keum with the prosecution on charges of attracting investment while concealing its poor financial status.Though Woongjin Group had lost its ability to pay back its debt in the aftermath of a credit rating downgrade, Yoon raised funds by issuing commercial paper worth 100 billion won ($91 million) from July to August 2012, said the Securities and Futures Commission.According to

Nongshim Co., South Korea’s top instant noodle maker, has expressed keen interest in buying Woongjin Foods Co., a beverage unit of cash-strapped Woongjin Group, industry sources said Friday.The move comes as Woongjin Holdings Co. and its creditors have reached an agreement on sales of the food unit to ramp upWoongjin’s debt rescheduling program. The mid-sized group has been placed under court receivership last year due to financial difficulties.Nongshim has vowed to strengthen beverage business

Woongjin Group and its creditors have reached an agreement to launch the sale process of Woongjin Chemical next year as a method to improve the group’s financial soundness, bank officials said Monday.Woongjin Chemical’s parent Woongjin Holdings has been placed under court receivership over the past few months due to its financial woes involving heavy debt.“The group, which was instructed by the court to scale down unhealthy assets in consultation with its creditor banks, has no choice but to see