Hana, Lone Star Cut Price, Extend Deadline

South Korea’s Hana Financial Group agreed to cut the acquisition price for a controlling stake in Korea Exchange Bank from U.S. fund Lone Star by 6% to $4.1 billion, Reuters reported. The two parties also extended the deadline for the KEB deal to the end of November.

(Reuters) – South Korea’s Hana Financial Group said on Friday it had agreed to cut the acquisition price of a controlling stake in Korea Exchange Bank (KEB) from U.S. fund Lone Star by 6 percent to 4.4 trillion won ($4.1 billion).

Hana has also agreed to extend the deal deadline with Lone Star to the end of November, it said in a regulatory filing. ($1 = 1064.000 Korean Won) (Reporting by Ju-min Park; Editing by Jonathan Hopfner)