Deals
Lone Star, Hana Cut KEB Deal Price by 6%, Extend Deadline
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Lone Star Funds agreed to cut the price of Korea Exchange Bank to 4.4 trillion won ($4.2 billion) and extended the sale deadline as South Korean regulators delay approving Hana Financial Group Inc.’s takeover.
Hana will pay 6 percent less than the initial price of 4.7 trillion won, for a 51 percent stake in KEB, and set Nov. 30 as the new completion date, according to a regulatory filing today. The previous terms allowed Hana or the Dallas-based fund to scrap the deal if was incomplete by May 24 this year.