The Wall Street Journal has reported that ANZ Banking Group Ltd
(ASX:ANZ) has been trumped by Hana Financial for a stake in Korea Exchange Bank.
The report says that US private equity firm Lone Star Funds plans to sell its 51 per cent stake in Korea Exchange Bank to South Korean company Hana Financial which owns Korea’s third largest bank, Hana Bank.
The exact terms of the deal are not yet known, but analysts say the Lone Star stake, which was acquired in 2003 for $1.3 billion, is now valued in the market at $3.8 billion.
The deal is expected to come as a blow to ANZ who were thought to be the only real buyer in the race.
ANZ has been in price talks with Lone Star to take control of Korea Exchange Bank.
For the financial year ended 30 September 2010, ANZ booked a net profit of $4.5 billion.
