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Aviva, Woori picked to buy Korea insurer stake-source

Thu Nov 29, 2007 11:12pm EST

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SEOUL, Nov 30 (Reuters) - A consortium consisting of British insurer Aviva (AV.L) and South Korea's Woori Financial Group (053000.KS) has been picked as a preferred buyer of a stake in a South Korean life insurance company, a source told Reuters on Friday.

LIG Non-life Insurance (002550.KS) had put its 37.84 percent stake in unlisted LIG Life Insurance up for sale.

"Aviva and Woori has formed a consortium and they were named the preferred bidder," the source familiar with the deal said by telephone, confirming a media report.

"Details will be announced on Dec. 4," he added.

The value of the deal was not disclosed.

(Reporting by Kim Yeon-hee; Editing by Sei Chong)



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