Reuters first on Hana bid for Korea Exchange Bank stake

Reuters was first on Nov. 22 to report that South Korea`s Hana Financial Group had offered around $4 billion to buy a controlling stake in Korea Exchange Bank in a deal which would mark the biggest private equity auction in Asia this year and the final exit of private equity firm Lone Star from KEB. Reuters also reported that Hana had almost completed negotiations with Lone Star and it would announce the deal as early as Wednesday, marking the largest ever bank acquisition in Korea. Hana issued a statement on Wednesday, confirming the Reuters report that it had offered up to $4.1 bln for the 51 percent stake in KEB. Hana shares jumped 14 percent on Tuesday after Reuters’ story late on Monday. Unable to confirm from sources for two days until official confirmation was made, Bloomberg had no choice but to quote the Reuters story on both Monday and Tuesday.