South Korea to decide on $6bln Woori stake sale’s fate

Unfavourable market conditions and the loss of 2 potential candidates seen to further the sale delay.

South Korea plans to decide soon whether it will suspend a sale of the government's 57 percent stake in Woori Finance Holdings after two strong candidates pulled out of the $6 billion auction, a source said on Wednesday.

"Market conditions have turned very unfavourable, with the recent loss of potential candidates," said the source who had direct knowledge of the issue but could not be named because he was not authorised to speak on the record.

"Further delays in the bidding process will cause a lot of uncertainty in the market... The government wants to decide as soon as possible whether it's desirable to go ahead with the auction."

View the full story in Reuters.