Lone Star could make block sale of KEB shares: KEB

Wed Jul 2, 2008 9:10pm EDT
 
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SEOUL (Reuters) - U.S. private equity house Lone Star LS.UL could offer shares in Korea Exchange Bank (KEB) (004940.KS) in a block sale if the pending $6.3 billion deal to sell control of KEB to HSBC (HSBA.L) falters, KEB chief executive said on Thursday.

"It's certainly an alternative for Lone Star. They are under pressure from shareholders," Richard Wacker, KEB CEO, told reporters on the sidelines of a bank ceremony, when asked about a possible block sale of KEB shares by the investment firm.

"If there is no progress, they have their own choice."

But Wacker said that KEB did not want a block sale of its shares to happen, adding that the South Korean bank was fully committed to getting the HSBC purchase closed.

(Reporting by Kim Yeon-hee; Editing by Keiron Henderson)

 
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