Hana Financial Group Inc., South Korea's No. 4 banking group, said Friday it has agreed to extend a deal with U.S. buyout fund Lone Star Funds to buy a controlling stake in Korea Exchange Bank (KEB). The group said its board was to hold a meeting in the late morning to review the terms of the deal, which will be extended by six months, and plans to announce the detailed results after the stock market closes. In November, Hana Financial clinched a deal to purchase a 51.02 percent stake in South Korea's No. 5 lender for 4.69 trillion won (US$4.33 billion), which required Hana Financial to complete the takeover by late May. But the financial watchdog's decision to delay its review of Lone Star Funds' eligibility as the top shareholder of KEB has complicated Hana Financial Group's attempt to buy KEB. Hana Financial has been seeking to lower the takeover price as KEB's recent decision to pay out a record interim dividend is cutting the corporate value of KEB. KEB's board decided last week to pay out a quarterly dividend worth of 1,510 won per share, causing U.S. private equity fund Lone Star to rake in dividends worth 496.9 billion won.
GMT 14:08 2018 Friday ,14 December
Bank of Russia raises key rateGMT 13:23 2018 Thursday ,13 December
Philippine central bank holds overnight borrowing rate steadyGMT 11:33 2018 Tuesday ,11 December
Top EU court backs legality of ECB bond buyingGMT 20:46 2018 Wednesday ,05 December
World Bank funds water projects in North Kordofan StateGMT 15:06 2018 Friday ,30 November
Egypt, World Bank seek cooperation in solid waste recyclingGMT 12:21 2018 Wednesday ,28 November
BisB silver partner of World Islamic Banking ConferenceGMT 09:19 2018 Thursday ,22 November
AIIB Jin Liqun praises Suez Canal projectsGMT 15:05 2018 Friday ,16 November
World Bank Regional Vice President First Visit to West Bank and GazaMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor