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Wednesday, December 18, 2013

S. Korea's LIG Insurance chooses Goldman Sachs to advise on stake sale, (NYSE: GS)

South Korea's LIG Insurance Co Ltd has chosen Goldman Sachs Group Inc to advise on the sale of a controlling stake, two sources with direct knowledge of the matter said on Thursday. The stake - worth 381.6 billion won as of the Wednesday close of LIG's share price - plus a management premium could value the sale at around 500 billion to 600 billion won ($475.62 million to $570.75 million), local media reported on Thursday.Largest shareholder Koo Bon-sang and other shareholders are considering selling 21 percent of the general insurer, LIG said in November in a regulatory filing.Koo and other members of LIG's owning family are selling the stake to reimburse investors for losses sustained after buying debt issued by an affiliate construction company.

The Goldman Sachs Group, Inc. (Goldman Sachs) is a global investment banking, securities and investment management firm that provides a range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Shares of GS traded higher by 2.55% or $4.35/share to $174.84. In the past year, the shares have traded as low as $124.57 and as high as $172.20. On average, 3390580 shares of GS exchange hands on a given day and today's volume is recorded at 4513485.