South Korea's SK Lubricants picks six banks to advise $1.3 billion IPO: source
SEOUL (Reuters) - South Korea's SK Lubricants Co SKENGL.UL has picked Samsung Securities (016360.KS) and Korea Investment & Securities as lead managers for its planned initial public offering, a source with direct knowledge of the matter said Monday.
The planned offering could be in the range of $1.3-$1.8 billion, and should be one of the biggest Korean deals of 2013, IFR, a Thomson Reuters's publication, has previously reported.
Credit Suisse (CSGN.VX) and Citigroup (C.N) were chosen as joint bookrunners, along with local banks KDB Daewoo Securities (006800.KS) and Mirae Asset Securities (037620.KS), the source said.
SK Lubricants, a motor oil and auto transmission fluid manufacturer, is wholly owned by South Korea's largest oil refiner SK Innovation (096770.KS).
An SK Innovation spokesman was not immediately available. The company has previously said it was exploring various options to enhance the value of SK Lubricants, but has declined to comment further.
The SK Lubricants sale would rank behind Hyundai Oilbank's INPTVH.UL planned $2 bln IPO in terms of size among local offerings, although the latter has been delayed pending improved market conditions, investment banking sources told Reuters.
(Corrects to change co-bookrunners in the third paragraph to joint bookrunners.)
(Reporting by Joyce Lee; Editing by Richard Pullin)
NEW YORK - Stocks ended nearly flat on Monday as the latest deal news offset losses following discouraging data on the housing market and some signs of weakness in the services sector.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.