KB Financial's board rejects proposed bid for ING's S.Korean unit
SEOUL Dec 18 (Reuters) - KB Financial Group Inc's board said in a statement on Tuesday that it rejected the company's proposed acquisition of ING Groep NV's South Korean insurance unit because of the uncertain economic outlook for next year.
The South Korean financial firm had already cut the negotiated price for the unit to around $2.05 billion, sources previously told Reuters, but KB's board postponed its final decision earlier this month when several independent board members maintained that the price was too high.
KB declined to comment, while a spokesperson for ING could not be immediately reached. (Reporting by Joyce Lee; Editing by Ryan Woo)
- Washington wins diplomatic support for campaign in Iraq; Syria trickier |
- Apple iPhone 6 pre-orders hit record 4 million on first day |
- Western sanctions are testing Russia's strength: Medvedev |
- Alibaba worried about Facebook IPO as considered Nasdaq versus NYSE |
- Exclusive: Two Apple medical trials shed light on how HealthKit will work