Merrill Interested in South Korea's LG Card

Merrill Interested in South Korea's LG Card - Source

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00021864-merrill-interested-in-south-koreas-lg-car/

Merrill Lynch is interested in buying South Korea’s top credit card firm, LG Card Co. Ltd., a source familiar with the situation said on Thursday, in a bid to tap into growing private consumption in Asia’s fourth-biggest economy.

LG Card, valued at $6.8 billion at current share prices, is expected to come to the market soon as its creditors want to cash in their shares in the firm, or a combined 82 percent stake.

“There is interest (from Merrill Lynch) in bidding for LG Card,” the source told Reuters by telephone, declining to be identified.

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