Beggars can’t be choosers, and Lehman’s crack firesale team finally seems to be getting somewhere. A South Korean military pension fund, the Military Mutual Aid Association, may team with state-owned Korea Development Bank and take a stake.
A spokesman for the fund, Yang Sung-Kee said that, though the fund had yet to receive a proposal, it would welcome one from KDB. FT:
“We will consider investing in Lehman if KDB makes an offer for a joint bid,” said spokesman Yang Sung-Kee. But he added that the military fund has yet to receive a proposal from KDB.
KDB confirmed on Tuesday that it was in talks about a possible investment in the beleaguered US investment bank.
The Military Mutual Aid Association (MMAA) is one of Korea’s largest pension funds and has over $6.6 billion under management. And now it may be the proud owner of (part of) a demolished US investment bank!
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