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(Yonhap News) -- Hana Financial Group on Wednesday denied a local report that it has asked Lone Star Funds to cut the sales price for Korea Exchange Bank (KEB), which South Korea's No. 4 banking group is trying to take over.
In July, Hana agreed with the U.S. buyout fund to purchase a 51.02 percent stake in KEB by November for 4.41 trillion won ($3.89 billion), lower than the 4.69 trillion won originally agreed upon by the two firms in November 2010.
But a recent court verdict against Lone Star is raising speculation that the financial group is seeking to cut the takeover price further, since it can still help Lone Star exit the market with hefty profits.
"We have not contacted Lone Star over the takeover price. Accordingly, we have not proposed such price cuts," Hana Financial said in a statement.
Earlier this month, Lone Star was found guilty of manipulating stock prices related to the merger with KEB's credit card unit in 2003.
In July, Hana agreed with the U.S. buyout fund to purchase a 51.02 percent stake in KEB by November for 4.41 trillion won ($3.89 billion), lower than the 4.69 trillion won originally agreed upon by the two firms in November 2010.
But a recent court verdict against Lone Star is raising speculation that the financial group is seeking to cut the takeover price further, since it can still help Lone Star exit the market with hefty profits.
"We have not contacted Lone Star over the takeover price. Accordingly, we have not proposed such price cuts," Hana Financial said in a statement.
Earlier this month, Lone Star was found guilty of manipulating stock prices related to the merger with KEB's credit card unit in 2003.
