KEB sale price reduced, deal extended

Hana Financial Group has agreed to extend a deal with U.S. buyout fund Lone Star Funds to buy a controlling stake in Korea Exchange Bank.

The two sides agreed to extend the deal to Nov. 30 and lower the price to 4.41 trillion won or US$4.17 billion, Hana
Financial said in a regulatory filing. The extended deal will remain valid past the deadline unless one party cancels it.

The purchase price per share has been set at 13,390 won, Hana Financial said, adding it will rise by 100 won every week starting on Oct. 1 unless the deal is completed by the end of September.

Hana Financial has been seeking to lower the takeover price as KEB's recent decision to pay out a record interim dividend is cutting the corporate value of KEB.

The full story is available at Yonhapnews.