Hana likely to get nod for KEB takeover in March

South Korea's FSC will likely give its final regulatory approval by mid-March for Hana Financial Group's takeover of Korea Exchange Bank.

"There seems to be no significant problem regarding the takeover, since all of the acquisition money has been paid," an official at the Financial Services Commission said, adding that deal is likely to be approved in the FSC's regular meeting on March 16.

Earlier this month, shareholders of Hana Financial requested a Seoul court to nullify Hana Financial's plan to issue new shares. The move has led the local bourse operator to delay the listing of the new shares until all legal issues are resolved, raising worries that the deal would be prolonged.

According to the deal signed by Hana Financial and Lone Star Funds, the financial group has to compensate around US$29.35 million and US$58.7 million, respectively, if the final takeover money is paid in April and May. If the deal is incomplete by the end of May, both sides are eligible to break the agreement.

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