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Virus pall has not spoiled the M&A calendar involving South Korea’s waste processing majors.

Macquarie Korea Opportunities Management (Macquarie PE) administers a packaged tender on its 59 percent stake in Korea Environment Technology Co.(Koentec) and full stake in Saehan Environment Co., both waste disposal companies, on May 25, according to sources from the investment banking (IB) industry on Thursday.

Shortlisted contenders include MBK Partners, STIC Investment, and E&F Private Equity-IS Dongseo consortium and TSK Corporations.

Although the race for Koentec deal is more heated as it drew more than 10 candidates during the preliminary bid last month, a legal battle with Ulsan City poses as a stumbling block to the final sale. The company had planned to expand its incineration facility to add a capacity of 163 tons to its existing two facilities, but the Ulsan City government refused to grant permit for environmental reasons. Now it is suing the city government.

The setback won’t likely scare off bidders, but the risks associated with the legal issue could have an impact on their final price offering. The value for the stakes in Koentec and Saehan is currently estimated at 500 billion won ($404.9 million) to 600 billion won.

Another waste and environmental management company that has been put up for sale is EMC Holdings. Last month, its owner Affirma Capital sent out teaser letters to candidates who have interest in buying a full stake in the company.

The company appeals as a comprehensive environmental management platform engaged in a wide range of businesses including excrement disposal, sewage treatment and sludge drying. Analysts value the company at around 1 trillion won. The deal is led by Citi Global Market Securities and Standard Chartered Securities.

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