General Re eyes South Korea's Tong Yang Life: report
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General Re eyes South Korea's Tong Yang Life: report

Last Updated: Thursday, December 29, 2011, 13:56
 
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General Re eyes South Korea's Tong Yang Life: report
Seoul: General Re, a unit of Warren Buffett's Berkshire Hathaway Inc (BRKa.N), is interested in buying South Korea's Tong Yang Life Insurance (082640.KS) to tap into the promising market, South Korean media reported on Wednesday.

Tong Yang's majority stakeholder Vogo Fund is seeking to sell its up to 60.7 percent stake in the insurer worth about 937 billion won ($808.66 million).

General Re signed a confidentiality agreement with Tong Yang to participate in the deal, MoneyToday reported, citing officials with knowledge of the matter.

Macquarie is expected to advise General Re on the deal, with bidding to take place in January, the report said.

Vogo Fund declined to comment.

Shares in Tong Yang Life were up 1.4 percent after rising as much as 12 percent earlier, in a wider market .KS11 that was down 1.1 percent as of 0442 GMT.

South Korean conglomerate Hanwha Group, which runs Korea Life Insurance (088350.KS), said this month it was considering buying Tong Yang Life Insurance. Prudential Financial Inc (PRU.N), the second-largest life insurer in the United states, and Canada's largest insurer Manulife (MFC.TO) have also been named as potentials suitors.

Bureau Report




First Published: Thursday, December 29, 2011, 13:56


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