Two companies have decided to form a consortium to buy Jinro Ltd., according to local reports. The Korea Economic Daily said this weekend that South Korea's CJ Corp. will team up with Kirin Brewery Co. to acquire the distiller. The report cites an official at CJ.

Kirin plans to finance part of the purchase and provide management consulting, while CJ would retain management rights, the newspaper said.

In order to finance the purchase, CJ has agreed to sell part of its 9.5% stake in unlisted insurance company Samsung Life.

The sale price of Jinro is currently estimated at between KRW2 trillion and KRW2.5 trillion, says the paper.

Other companies that have also expressed interest in buying Jinro include Doosan Corp., Jinro's biggest rival in the traditional liquor market, and Hite Brewery Co.

Jinro was placed under court receivership after creditor Goldman Sachs filed a petition claiming that Jinro's management at the time was mismanaging the company.