LG and GS Form Consortium to Take over STX Energy
LG and GS Form Consortium to Take over STX Energy
  • Korea IT Times (info@koreaittimes.com)
  • 승인 2013.09.30 18:42
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SEOUL, KOREA- LG International Corp. and GS Energy, the two companies that lost out on the Woongjin Chemical bidding, will join hands this time to acquire STX Energy. According to investment banking sources on September 27, Orix Corp., the largest stakeholder of STX Energy, closed the main bidding held jointly with Credit Suisse in which the GS-LG consortium, POSCO, and Samtan have participated.SK E&S, another bidder that appeared in the preliminary bidding, did not show up for the final bidding.
 
Japan's Orix is pushing to sell off about a 60-percent stake in STX Energy out of the 96.35-percent stake, which in all is valued at about 800 billion to 1 trillion won. An investment banker familiar with the deal said, "A due diligence on the company found some overseas resource development projects that are going nowhere. In addition, the future value of the thermal power generation business was very hard to estimate. Still, the final purchase price won't go down so much given there are several suitors who are enthusiastic about the deal."
 
GS Energy and LG International Corp. formed a consortium for the STX Energy deal because the former has assets in power generation and the latter in bituminous coal importation through its group affiliate LG International Corp.

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