Jinro said to have received at least 11 bids

At least 11 bids were submitted on Wednesday for South Korea?s top liquor maker Jinro Ltd., including offers from a buyout fund run by Citigroup

Officials and sources close to the companies said the deal, which industry sources estimate to be worth between 1.5 trillion won ($1.5 billion) and 2.5 trillion won, would be the biggest in South Korea since Standard Chartered?s agreement in January to buy Korea First Bank for $3.3 billion, the biggest single foreign investment in the country.

?CVC (Citigroup Venture Capital) completed preliminary due diligence on Jinro and presented a bid on its own, without a partner,? a source close to the fund told Reuters.

Jinro, which controls more than half of South Korea?s market for traditional drink ?soju?, has been drawing keen interest from both local and foreign companies as its acquisition would provide the buyer with a strong foothold in the Korean spirits market. The firm also boasts a loyal consumer base in Japan.

A consortium led by U.S.-based investment fund Newbridge Capital and Affinity Equity Partners was among the bidders, a Newbridge official said. JPMorgan Partners, an investment arm of JPMorgan Chase Co.

Jinro said in a recent filing to regulators that 12 investors had been allowed to conduct a preliminary due diligence on the bankrupt spirits company.

Goldman Sachs

Jinro was one of the South Korean firms hit hard by the 1997/1998 Asian financial crisis, after its founding family amassed big debts through rapid expansion into non-core businesses such as the financial, retail and machinery sectors.

Merrill Lynch

Company officials said the following companies have also bid for Jinro.

- Food maker Doosan Co.,

- Food maker CJ Corp

- Food processing company Daesang, and

- Drink maker Hite Brewery Co.