The Fate of popular Korean Brewer, Jino
A consortium led by Hite Brewery was selected Friday as the preferred bidder for bankrupt Jinro, the largest producer of the country's best-selling distilled liquor, ``soju.''
Hite, which accounts for about 60 percent of the local beer market, was ahead of another nine bidders. Hite submitted the highest bid of about $3 billion.
The proposed price is the closest to the figure estimated by Goldman Sachs, a creditor of Jinro, before the deadline for the bid submission on March 30.
Hite joined the bid process with a consortium composed of the Korean Teachers Credit Union, Korea Development Bank and a private equity fund.
The Korea Times noted that Hite's chairman Park Moon-deuk and his allies hold the largest Hite stake (45%), while Carlsberg of Denmark holds 13% ownership.
Jinro has been under court receivership since May 2003. Nevertheless, the business performance has recently been strong,
Hite, which accounts for about 60 percent of the local beer market, was ahead of another nine bidders. Hite submitted the highest bid of about $3 billion.
The proposed price is the closest to the figure estimated by Goldman Sachs, a creditor of Jinro, before the deadline for the bid submission on March 30.
Hite joined the bid process with a consortium composed of the Korean Teachers Credit Union, Korea Development Bank and a private equity fund.
The Korea Times noted that Hite's chairman Park Moon-deuk and his allies hold the largest Hite stake (45%), while Carlsberg of Denmark holds 13% ownership.
Jinro has been under court receivership since May 2003. Nevertheless, the business performance has recently been strong,
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