Korea Electric Power Corp. (015760.SE) said Friday that a $400 million deal to acquire 40% in two gas-fired power plants in the Philippines from BG Group PLC (BG.LN) has collapsed.

Majority stakeholder First Philippine Holdings Co. (FPH.PH) didn't approve the deal, Kepco said in a statement.

-By Se Young Lee, Dow Jones Newswires; +82 2 3700 1904; vincent.lee@dowjones.com