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By
Reuters
Published
Aug 10, 2015
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Bid date for Tesco's S.Korea unit pushed back to Aug 24-sources

By
Reuters
Published
Aug 10, 2015

* Extension partly to accommodate for S.Korea holiday-sources

* Pvt equity bidders were shortlisted in July -sources

* Tesco's S.Korea business has been valued around $6 bln



By Kane Wu and Se Young Lee

HONG KONG/SEOUL, Aug 10 (Reuters) - The deadline for the next round of bids to buy Tesco PLC's South Korean business, valued at about $6 billion, has been extended to Aug. 24 from Aug. 17, four people familiar with the matter said, partly to accommodate a public holiday.

Two of the people told Reuters that the South Korean government's decision to declare Aug. 14 a public holiday contributed to the deadline being pushed back. Banks involved in the bidding process also needed more time to get internal approval for the financing packages, they said.

Tesco declined to comment.

In July, Tesco shortlisted Affinity Equity Partners, Carlyle Group, Goldman Sachs' private equity arm, KKR & Co and MBK Partners in what could be the biggest ever private equity acquisition in Asia, people familiar with the matter have said. MBK is partnering with Goldman Sachs' private equity arm in its bid, sources said.

Tesco is exploring the sale of its South Korean unit, which analysts say is its best bet as the British supermarket group seeks to cut debt and fund a turnaround plan at home. ($1 = 1,161.8700 won) (Additional reporting by Kate Holton; Reporting by Kane Wu and Se Young Lee; Editing by Sunil Nair and Muralikumar Anantharaman)
 

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