Vingroup's $304 mn bond issue drives speculation of LG mobile unit buyout
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The issuance will be carried out in three phases from Feb. 18, with more than 70 percent of the capital to go to VinFast, its automotive arm, and the rest to VinSmart, its smartphone unit, the company said.
The Vietnamese conglomerate’s latest debt issue announcement comes at a time when it is considered as the strongest contender to acquire LG Electronics’ mobile business after the Korean tech company announced its intention to divest some of its money-losing smartphone operation last week. Vietnam is manufacturing home to LG Electronics’ smartphone business.
Other potential candidates for LG Electronics’ smartphone business include Google, Facebook and Volkswagen. Google’s own Pixel phones have limited market presence but the company has history of working with LG Electronics in 2012-2015 for the release of the Nexus 4, 5, 5X smartphone models. Volkswagen is also said to be keen on bolstering its electronics capabilities.
LG Electronics has not yet kicked off the official bidding process, according to investment banking sources, adding that it would pick one potential buyer after reviewing each contender’s interest and offers.
LG Electronics shares finished Wednesday down 1.76 percent at 167,000 won ($151.17).
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