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Hana, Lone Star agree to cut KEB price: report

Hana Financial Group has reached an agreement with Lone Star Funds on lowering the takeover price for Korea Exchange Bank, Dow Jones Newswires reported Thursday.

An anonymous source was quoted by the U.S.-based news provider as saying that “Hana Financial agreed to a deal with Lone Star Funds to buy a 51.02 percent stake in Korea Exchange Bank for 3.916 trillion won ($3.48 billion), 11 percent lower than the original sales price of 4.41 trillion won.”

A Hana spokesman declined to confirm the report.

“Any deal should undergo endorsement by our board members and any such announcement should be preceded by disclosure on the stock market,” he said.

By Kim Yon-se (kys@heraldcorp.com)
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