Reuters: Private Equity: Kookmin-led group preferred bidder for GS Power stake -sources

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Kookmin-led group preferred bidder for GS Power stake -sources Mar 21st 2012, 10:06 SEOUL, March 21 | Wed Mar 21, 2012 6:06am EDT SEOUL, March 21 (Reuters) - A consortium led by Kookmin Bank has been chosen as preferred bidder to acquire a 50 percent stake in GS Power, a subsidiary of South Korea's GS Caltex , sources said on Wednesday, in a deal reportedly worth more than 300 billion Korean won ($266.70 million). Kookmin Bank, South Korea's top mortgage lender, and GS Caltex, the nation's second-largest crude oil refiner, both declined to comment. Online outlet MoneyToday reported that the Kookmin consortium and a Macquarie private equity fund were left in the final bidding. GS Caltex had received initial bids from about 10 companies including Electricity Generating Pcl (EGCO) and local private equity firm MBK Partners for the stake, a media report said last November. Thailand's EGCO, which had confirmed its bid, said in February it was unlikely to win the deal. Deutsche Bank AG is acting as an adviser to GS.

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