|
HSBC and the U.S. private equity fund Lone Star have agreed to extend the deadline on an offer to take over Korea Exchange Bank (KEB) from April 30 to July 31. HSBC signed a contract to buy control of KEB from the fund last September with a proviso that either side can cancel the contract unless they obtain government approval for the sale by the end of April.
HSBC on Tuesday said it had agreed to extend the deadline to July 31 from April 30.
Meanwhile, the deadline was extended this time with a proviso that either side can cancel the contract after notifying the other side of its intention between July 1 and 7 if no government approval has been obtained by then.
Considering that KEB's asset value fell in the wake of dividend payouts this year, Lone Star and HSBC recalculated the sale price of a 51.02 percent stake in KEB at US$6,018 million. The original estimate was $6,450 million.
(englishnews@chosun.com )
|
