Citigroup unit expected to join Korea Thrunet bid

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Citigroup unit expected to join Korea Thrunet bid

A private equity unit of Citigroup Inc., the world’s biggest financial service provider, may compete with Hanaro Telecom Inc. and Dacom Corp. to buy Korea Thrunet Co. Citigroup Financial Products Inc. submitted an application to bid for Korea’s third-largest provider of high-speed Internet access, Thrunet spokesman Chung Yang Ki said, confirming earlier local reports. Should Citigroup make an offer, it will vie against bidders led by Hanaro, controlled by American International Group Inc. and Newbridge Capital Ltd., and Dacom, a unit of the LG Group, Korea’s third-largest industrial conglomerate. Bids are due on Dec. 13 and a preferred bidder with exclusive negotiating rights will be selected on Dec. 16, according to a preliminary schedule by Samjong KPMG FAS Inc., which is arranging the sale.
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