Lone Star To Sell Korea Exchange Bank Stake For $3.5B

Law360, New York (December 1, 2011, 12:26 PM EST) -- Texas private equity firm Lone Star Funds on Thursday reportedly reached an agreement to sell its majority stake in Korea Exchange Bank to Hana Financial Group Inc. for 3.9 trillion won ($3.5 billion) — about 16 percent lower than its initial offer.

Korean banking group Hana Financial will pay 11,900 won per share — which is about 2,350 won per share less than its initial offer last year —  for Lone Star's 329 million shares in the bank, the Wall Street Journal reported Thursday, citing a...
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