KB Financial Group has emerged winner of the hotly contested takeover battle for Hyundai Securities, the sale’s manager announced Thursday.
“KB Financial has been chosen as the preferred bidder,” accounting firm EY Han Young said in a statement.
At stake is a combined 22.56 percent stake in Hyundai Securities, valued at around 340 billion won ($273.4 million) based on Thursday’s stock price of 6,875 won apiece. The shares are owned by Hyundai Group’s cash-strapped Hyundai Merchant Marine and the group’s owner family. 
KB Financial’s contenders in the final round of bidding were Korea Investment Holdings and Hong Kong-based private equity firm Actis.
The country’s second-largest financial group by assets has been seeking to strengthen its brokerage business through M&As. Last year, it lost out to Mirae Asset Financial in the takeover race for the industry’s second-ranked KDB Daewoo Securities. KB owns its own brokerage, which has only a miniscule presence in the industry.
Hyundai Securities is ranked fourth by assets — of around 3 trillion won.
The stake sale is part of Hyundai Group’s plan to salvage its flagship Hyundai Merchant Marine, which recently entered into a debt settlement agreement with creditors. The group has promised its creditors to complete the deal by June.
By Lee Sun-young
(milaya@heraldcorp.com)
