SOUTH KOREA: Confectionery auction hots up
As many as twenty four food companies have expressed their interest in taking over the ailing Haitai Confectionery, the Korea Economic Daily reported Monday.
Quoting industry sources, the newspaper said that confectionery firm is attracting both South Korean and foreign bidders. Nestlé is expected to make a firm offer but South Korea's Lotte Confectionery, the most likely candidate for the takeover, has delayed making its decision on whether or not to bid for Haitai.
ABM Amro Corporate Finance, which is handling the sale, did not confirm nor deny the report: "It is important that the process of the sale remains confidential."
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