lone-star-pulls-out-of-keb-sale-to-kookmin

Lone Star pulls out of KEB sale to Kookmin

Bankers call it a "fiasco" and say Korea's image among foreign investors has been damaged. But why has the $7.4 billion sale been aborted, and what happens next?
ôThe Kookmin-KEB deal will close, probably early next year,ö was the prediction of one well-connected Korean banker that FinanceAsia recently spoke to in Seoul. ôBut if the deal falls apart, it will be a fiasco.ö

Well, fiasco it has become. Yesterday evening, Lone Star announced that it was pulling out of the sale of KEB to Kookmin û KoreaÆs largest bank. The move was not entirely surprising, given the deal had become emotive and highly politicised.

The deal in question is the W6.95 trillion $7.4 billion sale of Lone StarÆs 64.2% stake in KEB. The deal has been delayed since May by ongoing legal investigations into Lone Star and KEB. The deadline...
¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 3 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222

Share our publication on social media
Share our publication on social media