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S. Korea's pension fund seeks to acquire U.S. pipeline operator

08-23-2010 15:32 BJT

SEOUL, Aug. 23 (Xinhua) -- South Korea's largest institutional investor National Pension Service (NPS) is planning to purchase a 23.4 percent stake in Colonial Pipeline, a U.S. oil pipeline operator, the fund said Monday.

Seeking to take over the stake from Chevron Corp. through talks, the company said it has not been picked as a preferred bidder yet.

The South Korean fund, however, has reportedly been the main bidder for, according to media reports, and the bidding process will come to an end by the end of the year.

With the bidding price estimated to be around 1 trillion won ( 800 million U.S. dollars), the NPS will sharply expand its overseas investment in assessment from the current level of 3.5 trillion won (3 billion U.S. dollars).

The NPS has recently diversified its investment portfolio by roaming into the real asset market, including taking over the HSBC Main Building in London and Sony Center in Berlin.

Editor:Xiong Qu |Source: Xinhua

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