Kohlberg Kravis Roberts has exited an auction run by Merrill Lynch for the second time in almost a month after its bid for a stake in Samsung Life, Korea's largest life insurer, was rejected due to a technicality in Korean law.
On July 21, the US buy-out firm stormed out of an auction run by Merrill Lynch for Auna, the Spanish telecommunications group. KKR accused the US bank of using its bid as a "stalking horse" to get a better price out of France Télécom, the eventual winner.
