Japan's Orix is pushing to sell off about a 60-percent stake in STX Energy out of the 96.35-percent stake, which in all is valued at about 800 billion to 1 trillion won. An investment banker familiar with the deal said, "A due diligence on the company found some overseas resource development projects that are going nowhere. In addition, the future value of the thermal power generation business was very hard to estimate. Still, the final purchase price won't go down so much given there are several suitors who are enthusiastic about the deal."

 

GS Energy and LG International Corp. formed a consortium for the STX Energy deal because the former has assets in power generation and the latter in bituminous coal importation through its group affiliate LG International Corp.