S. Korean Hana's acquiration of KEB enters final stage

13:45, November 26, 2010      

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S. Korean Hana Financial Group will acquire a controlling stake in Korea Exchange Bank, or KEB, for 4.1 billion US dollars. And its pursuit has entered into its final stage. The deal will push Hana up by one spot to become the country's third largest financial group.

Australia and New Zealand Banking Group has pulled out of the race for a majority stake in Korea Exchange Bank.

ANZ bowed out after Hana Financial confirmed in a regulatory filing, a $4.1 billion bid for Lone Star's 51 percent stake in KEB.

ANZ says it still sees KEB as attractive, but due diligence findings do not support a competing offer at levels similar to Hana's.

The comments suggest ANZ thinks Hana may have overpaid for the stake. The offer represents a 15 to 18 percent premium to KEB's closing price Wednesday.

Hana's shares fell Thursday as Moody's put its ratings on review for a possible downgrade.

KEB shares were also put on review for an upgrade.

Hana and Lone Star are expected to sign off on the deal in London later Thursday.

Elsewhere, shares of Woori Finance jumped, after Jeonbuk Bank sent a letter of intent for Woori's regional bank Kwangju.

The South Korean government has a November 26th deadline for its over $6 billion stake sale in Woori and its units Kwangju and Kyungnam.

Financial stocks were the biggest gainers on the benchmark Kospi, which traded mostly flat Thursday.

Source: CNTV.cn

(Editor:李佳)

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