[THE INVESTOR] MBK Partners revealed Aug. 17 that it is conducting separate negotiations with multiple bidders for the Korean unit of ING Life Insurance. MBK Partners also refuted rumors that Chinese bidders had pulled out, saying it is now in talks with a larger number of bidders than had been reported in the media.

The process of selling the insurer, which was initially expected to be concluded soon, is expected to take up to two months longer. 



Earlier in the week, speculation had risen that the sale would fall through after the final bidding process was delayed.

In addition, market watchers have said that the disparity between the price MBK Partners desires and the bids may be also causing delays.

According to industry sources, MBK Partners is hoping for bids exceeding 3 trillion won (US$2.71 billion), but the figure may be unrealistic in light of the slowing domestic market. MBK Partners acquired 100 percent of ING at 1.8 trillion won in December 2013.

By Choi He-suk (cheesuk@heraldcorp.com)