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

13:45, November 26, 2010      

Email | Print | Subscribe | Comments | Forum 

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


  • Do you have anything to say?


Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • Chinese Navy soldiers hold an evening party marking the upcoming 62nd National Day aboard Chinese Navy hospital ship "Peace Ark" in the Pacific on Sept. 28, 2011. The Chinese National Day falls on Oct. 1. (Xinhua/Zha Chunming)
  • Photo taken on Sept. 30, 2011 shows the crowd at the plaza of Beijing Railway Station in Beijing, capital of China. The railway transportation witnessed a travel peak with the approach of the seven-day National Day holidays on Friday. (Xinhua)
  • A man wearing high-heel shoes takes part in the 3rd annual Walk a Mile in Her Shoes, an event when men literally walk in women's shoes to raise awareness about ending violence against women, at Yonge-Dundas Square in Toronto, Canada, Sept. 29, 2011. (Xinhua/Zou Zheng)
  • Photo taken on Sept. 29, 2011 shows a cargo ship in danger on the sea near Zhuhai City, south China's Guangdong Province. Cargo ship Fangzhou 6 of Qingzhou of southwest China's Guangxi Zhuang Autonomous Region lost control after water stormed into its cabin due to Typhoon Nesat on the sea near Zhuhai Thursday, leaving 12 crew members in danger. Rescuers rushed to the ship and saved them by using a helicopter. (Xinhua)
  • Actress Gong Li poses for L'Officiel Magazine. (Xinhua Photo)
  • Demonstrators from the Occupy Wall Street campaign hold placards as they march in the financial district of New York September 29, 2011. After hundreds of protesters were denied access to some areas outside the New York Stock Exchange on September 17, demonstrators set up a rag-tag camp three blocks away. Zuccotti Park is a campground festooned with placards and anti-Wall Street slogans. The group is adding complaints of excessive police force against protesters and police treatment of ethnic minorities and Muslims to its grievances list, which includes bank bailouts, foreclosures and high unemployment. (Xinhua/Reuters Photo)
Hot Forum Discussion