S.Korea's Woongjin, affiliates rally amid competition for purifier unit

Woongjin Co

11/10/2019 02:43

** Shares of Woongjin  016880.KS  and Woongjin Thinkbig
 095720.KS  surge as much as 30% to hit the intraday price
limit, as investors see growing competition to acquire a stake
in their water purification unit, Woongjin Coway  021240.KS  
    ** Shares of Coway also soar as much as 22.7% before
trimming gains to rise 4.5%
    ** Woongjin is the top shareholder of Woongjin Thinkbig,
while Thinkbig holds around 25% of shares in Coway - regulatory
filings
    ** Fears of lukewarm competition to acquire Coway were
allayed by bids from Netmarble and Bain Capital, says Park
Jong-ryeul, an analyst at Hyundai Motor Securities
    ** Netmarble  251270.KS  said in a statement on Thursday it
had decided to submit a binding bid for a stake in Woongjin
Coway  urn:newsml:reuters.com:*:nS6N23R027
    ** Bain Capital also submitted a binding bid for a stake in
Coway, according to Korea Economic Daily https://www.hankyung.com/it/article/201910106661Y
 
    ** The broader KOSPI market  .KS11  was trading up 0.8%

 ((Hayoung.Choi@thomsonreuters.com; +82 2 6936 1468))