KEXIM to sell KEB stake as part of Lone Star transaction
Export-Import Bank of Korea (KEXIM) will sell a 6.25% stake in Korea Exchange Bank to Hana Financial Group as a “tag along” to Hana’s purchase of Lone Star’s holding in the bank, according to Yonhap, a South Korean news agency. The tag along right is designed to protect minor shareholders by allowing them to exit at the same time – and at the same price – as a major shareholder.
Given that Hana is paying $4.1 billion for Lone Star's 51.02% stake, it must now hand over an additional $513.3 million for KEXIM's holding. KEXIM is expected to lock in a $209.1 million profit from the...
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