January 29, 2019 / 11:29 AM / a year ago

UPDATE 1-S.Korea's Kakao considering bid for Nexon's holding Co - spokesman

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SEOUL, Jan 29 (Reuters) - South Korea's top chat app operator Kakao Corp is reviewing a bid for the holding company that controls South Korean gaming company Nexon , a company spokesman told Reuters on Tuesday.

Kakao's potential bid comes after sources told Reuters earlier that Chinese tech giant Tancent Holdings is also considering a bid for the South Korean game developer.

Kakao has internally reviewed whether to participate in the bid for the gaming company, but has not yet reached a decision, Lee Yoon-kun, a spokesman for Kakao Corp, said.

Nexon founder Kim Jung-ju plans to sell a controlling 98.64 percent stake in Nexon's holding firm NXC Corp, held by himself and related parties including his wife, the Korea Economic Daily newspaper reported this month.

The stake is worth between 8 trillion and 10 trillion won ($7.1 billion and $8.9 billion), according to South Korean local media reports.

The Kakao spokesman said the company had not picked a financial advisor for the bidding.

A spokeswoman for NXC Corp declined to comment. (Reporting by Heekyong Yang and Ju-min Park, editing by Louise Heavens and David Evans)

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