ETF News

Australia's ANZ won't outbid Hana KEB offer - sources

HONG KONG/SYDNEY, Nov 22 (Reuters) - Australia and New Zealand Banking Group Ltd ANZ.AX is not planning to outbid Hana Financial Group Inc 086790.KS for a stake in Korea Exchange Bank 004940.KS, two sources said on Monday.

“There is no question of getting into a long, drawn-out bidding war,” a source familiar with the matter said, adding that ANZ was unlikely to try to match or beat Hana’s reported offer.

A second source said ANZ had not formally pulled out of the process but was waiting to see how the Hana bid played out.

Hana planned to announce on Wednesday its acquisition of the KEB stake worth about $4.1 billion from Lone Star [LS.UL], according to a media report.

An ANZ spokesman said there were no updates, declining to comment further. (Reporting by Michael Smith and Narayanan Somasdundaram; Editing by Chris Lewis)