Several sources have reported that Hana Financial Group Inc. said on July 5 that it will reach an agreement with Lone Star Funds to extend the deadline to complete the 4.69 trillion won ($4.42 billion) deal to acquire a 51 percent stake in Korea Exchange Bank. According to Reuters, Kim Jung-tai, chief executive of Hana Bank, told local media that “the deal will be extended by six months to end-December.”
The Wall Street Journal reported that Hana has been negotiating a lower purchase price to reflect the recent record dividend payout of 1,510 won a share for a total of $499 million, as well as the dividend KEB could potentially pay if it successfully sells its Hynix Semiconductor stake later this year
Reuters also noted that in order to revive the deal, Hana Bank agreed to loan Lone Star 1.5 trillion won on the back of the fund’s holdings in KEB.
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