The Korea Herald


Orion submits bid for Homeplus

By 이우영

Published : June 25, 2015 - 19:51

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SEOUL (Yonhap) – South Korean confectionery maker Orion Corp. said Thursday it has submitted a bid for Homeplus, the local unit of British retailer TESCO.

"(We) have submitted a preliminary bid for the Homeplus acquisition to the potential seller," the company said in a regulatory filing posted after the stock market closing.

Local media reported that private equity firms, such as Affinity Equity Partners, Carlyle Group and local buyout fund MBK Partners have also submitted bids to buy the country's second-largest discount chain in a deal managed by HSBC.

Tesco entered the South Korean market in 1999 via a 50-50 joint venture with Samsung C&T Co., formerly Samsung Corp. The Samsung affiliate sold its stake in the discount retailer in 2011.

Orion is one of the country's biggest snack makers, known for its "Choco Pies," a chocolate-covered, marshmallow-filled cake that was distributed as snacks at the Kaesong Industrial Complex in North Korea.