TALKS by Prudential to buy South Korea's top asset manager have broken down, with the government turning to an alternative bidder.
The British financial services giant is leader of a consortium that includes billionaire George Soros, which was front-runner to buy Daehan Investment & Securities and secure market share in the country's fast-growing asset management sector.
'After talks with a Prudential-consortium failed to reach an agreement, we decided to terminate talks,' the State-run Korea Deposit Insurance Corp said.
The Korean government will now begin negotiations with a reserve bidder - a consortium that includes South Korea's Hana Bank, and the Singaporean government investment vehicle Temasek - to sell Daehan.
The rescue package deals are worth up to £280m.