S.Korea's Lotte, GS Retail submit bids for Woongjin Coway

SEOUL May 9 (Reuters) - South Korea's Lotte Group and GS Retail Co Ltd have submitted preliminary bids for an about $750 million stake in water purifier company Woongjin Coway Co Ltd, sources with the knowledge of the matter said on Wednesday.

The sources declined to be identified because they were not allowed to talk to the media. Lotte Group and GS Retail declined to comment.

Woongjin Holdings Co Ltd has put a 30.9 percent stake in Woongjin Coway on the block and hired Goldman Sachs Group Inc to manage the sale. The stake is worth about $750 million based on Tuesday's closing share price, but Woongjin Holdings is targeting as much as $1.7 billion, according to media reports. (Reporting by Miyoung Kim; Editing by Chris Lewis)