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COPYRIGHT 2006 Financial Times Ltd.
(From Retail Banker International)
South Korea's Kookmin Bank has emerged as the winner in the bidding for smaller domestic rival Korea Exchange Bank (KEB), in a deal which will consolidate its leadership position in Asia's third-largest market.
Kookmin will pay $6.6 billion for a 64 percent stake in KEB, marking South Korea's largest ever acquisition. It will buy a 50.5 percent stake from US private equity fund Lone Star and an additional 13.64 percent stake from Germany's Commerzbank and the Export-Import Bank of Korea (Kexim). It will have the option of lifting its stake above 70 percent by buying an...
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