Samsung Life reported to be in talks over 15% stake in Principal Financial
US and Seoul outlets put the reported stake at up to $4.4 billion or 5 trillion won to 6 trillion won respectively; Samsung Life's Korea Exchange filing...
Samsung Life Insurance is in private negotiations to acquire a 15 percent stake in Principal Financial Group, in a deal that industry sources value at between $3.6 billion and $4.4 billion, InvestmentNews reported on 2 September. A holding of that size would make Samsung Life the largest single shareholder in the Iowa-based retirement group, ahead of Vanguard Group, according to the same report.
The Korea Herald reported on 3 September that Samsung Life is said to be weighing the purchase of about 15 percent of Principal Financial Group, and said the potential investment could reach 5 trillion won to 6 trillion won. Seoul Economic Daily English reported that some observers say Samsung Life could spend trillions of won on a Principal stake, and that the company said nothing has been decided.
Samsung Life responded with a clarification filing to the Korea Exchange on 3 September, saying it is reviewing various domestic and overseas investments to secure new growth drivers, that nothing specific has been decided, and that it will re-disclose when details are decided or within one month, a schedule that runs to 2 October.
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